FORT DODGE, Iowa — Who will succeed you in your business? Many families struggle with making succession plans. “Families say they don’t know how to start talking about farm succession. We ask them, ‘What do you have now? ‘and ‘Where do you want to go?’ to get started”, says Iowa State University (ISU) Beginning Farmer Center Farm Transition Specialist David Baker.
“The workshop is planned as a multi-generational event for exiting owners and spouses and succeeding owners and spouses”, says ISU Extension and Outreach Farm and Agribusiness Specialist, Kelvin Leibold.
Iowa State University Extension and Outreach is offering a Farm Succession and Estate Planning Workshop to help farm families begin those conversations and start putting transition plans on paper. Jerry Chizek, ISU Extension and Outreach Regional Director, says offering a farm business succession workshops is a result of needs expressed by area farm families.
“I hear individual family members express concerns about the future of the farm business, but many families have not taken the time to have those discussions between the generations involved. This is an opportunity to begin those discussions. If it is important for the farm to stay in the family, then it is critical to have these discussions to share the goals, dreams, fears, and expectations associated with succession planning,” said Chizek. “That’s why we are bringing Iowa State University transitioning experts to our region.”
The first workshop will be held on Thursday, August 13, 2020 starting at 5:30 pm-9:00 pm with David Baker, Beginning Farmer Center Director, presenting Farm Succession.
The second workshop will be held on Thursday, August 20 starting at 5:30 pm-9:00 pm with Kelvin Leibold, ISU Extension and Outreach Farm and Agribusiness Specialist, presenting on Estate Planning.
During the first workshop, participants will learn the importance of farm business succession planning, farm succession structure, beginning farmer tax credits, and working with an attorney. During the second workshop, participants will learn the language of estate planning, setting goals, gift, estate, and inheritance taxes, and implementing your estate plan.
The workshops will be held at the Webster County Extension and Outreach office located at 217 South 25th Street, Suite C12 in Fort Dodge.
Registration fee for both workshops is $150 per family of four or $50 per person. Pre-registration is required by Thursday, August 6 and can be made by contacting one of the following Extension offices – Hamilton County, 515-832-9597, firstname.lastname@example.org; Humboldt County, 515-332-2201, email@example.com; Webster County, 515-576-2119, firstname.lastname@example.org; Pocahontas County, 712-335-3103 email@example.com, or Wright County, 515-532-3453, firstname.lastname@example.org.
“Due to the need for social distancing and safety precautions, we ask that individuals call in and preregister so that we can have adequate space and materials prepared,” Chizek said. “We do not want to turn anyone away, so by having participants register ahead of time, we can guarantee that all social distancing guidelines are followed at the meeting.”
— Iowa State University Extension and Outreach
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