Do you want to design an orderly and successful transition plan for your farm/ranch business? Are you uncertain about how to choose the successor(s) that are best suited to continue your business into the future? Are you concerned about the financial impacts and tax consequences of your transition plan? What are the best tools/strategies available to create this plan?
These are just a few of the questions that will be answered at the Farm/Ranch Transition Planning workshop series the North Dakota State University Extension Service is hosting on Nov. 16, 30 and Dec. 7. The sessions will run from 6:15-9:30 p.m. (CST) and 5:15-8:30 p.m. (MST) at the Courthouse Meeting Room, Watford City, and at the Williston Research Extension Center, 14120 Hwy. 2, Williston.
“Due to the fact that farmers and ranchers have some very unique transition issues, these sessions are geared to their specific needs,” says Willie Huot, Grand Forks County Extension agent and state coordinator. “The major increase in asset values, especially land, in the last several years has made this topic even more critical of late.”
The sessions will have a combination of presentations via the North Dakota Interactive Video Network and from local experts at each location. It will be very important to attend all three sessions.
Topics for the first session are why you should plan your estate, who should be involved, what materials you’ll need and the importance of communication among family members. The IVN presenter will be Dr. Gary Goreham, NDSU Rural Sociology, Department of Sociology and Anthropology professor.
Session 2 will cover farm business arrangements, including the pros and cons of different types of business organizations for farmers and ranchers in North Dakota.
Session 3 will address farm succession planning, and tax and economic consequences of asset transfer strategies. The IVN presenter for both sessions 2 and 3 will be Andy Zenk, AgCountry/Farm Credit Services agribusiness consultant, Grand Forks.
The early bird registration fee is $55 for individuals and $15 each for spouses or business associates (up to two additional) if postmarked by Nov. 9, 2011. After that date, individual registrations will increase to $75. Registration fees include materials and refreshments.
For registration information, please contact the McKenzie County Extension Office at 701-444-3451 or Mary Froelich, Williams County Extension Agent at 701-577-4595.
Registration forms, as well as online registration, are available at http://www.ag.ndsu.edu/anniesproject. Click on Farm/Ranch Transition Planning, then Transition Planning Registration Form at the bottom of the page. Anyone interested in attending the workshop should register as soon as possible because seating is limited at most of the sites.
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