Do you want to design an orderly and successful transition plan for your farm/ranch business? Are you uncertain about how to choose those who 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 and 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) at the Williston Research Extension Center, 14120 Hwy. 2, Williston.
"Because farmers and ranchers have some very unique transition issues, these sessions are geared to their specific needs," says Willie Huot, Grand Forks County NDSU Extension Service agent and state coordinator. "The major increase in asset values, especially land, in the last several years has made this topic even more critical."
The sessions will have a combination of presentations through the North Dakota Interactive Video Network and from local experts at each location.
"It is very important that people attend all three sessions," Huot says.
Topics for the first session include why people should plan an estate, who should be involved, what materials will be needed and the importance of communications among family members. The presenter is Gary Goreham, rural sociology professor in the NDSU Department of Sociology and Anthropology.
The second session will cover farm business arrangements, including the pros and cons of different types of business organizations for farmers and ranchers in North Dakota.
The third session will address farm succession planning, plus the tax and economic consequences of asset transfer strategies. The presenter for these sessions is Andy Zenk, AgCountry/Farm Credit Services agribusiness consultant, Grand Forks.
The registration fee is $55 for individuals and $15 each for spouses or business associates (up to two additional) if postmarked by Nov. 9. After that date, individual registrations will increase to $75. Registration fees include materials and refreshments.
For further information contact 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 and then the Transition Planning Registration Form at the bottom of the page.
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