/Photo by Heather Gardner via freeimages.com
A farm transition and succession planning workshop is planned for Tuesday, March 8 at the Walworth County UW-Extension office in Elkhorn. The workshop will be held in the Government Center on 100 W Walworth St. and will begin at 9 a.m. This program will help farm families utilize the available tools to ensure that their farm business is successfully transferred to the next generation.
Tools for planning for unexpected events like death, disability, disaster, divorce and family disagreement and having a plan to implement in dealing with these unpleasant but realistic situations help mitigate the impact on the family farm. Depending on which assets you have and how you move them during the owner’s lifetime or through inheritance, there are differing tax consequences. Learn what these are and how you might want to handle your situation with Phil Harris, UW farm tax law specialist. Frank Friar from the DATDP Farm Center will discuss Farm Business Operating Agreements and how they are used when multiple parties contribute labor and management, invest capital and share the income generated from the farm business.
John Haslam, attorney with the Wilson Law Group, LLC will discuss how proper estate planning allows you to direct your assets how you want, to whom you want and when you want, while also providing savvy tax planning and asset protection. Learn the various tools of estate planning as well as business planning options that can help your business and assets pass successfully to the next generation.
Finally, learn about the many facets of long-term care insurance coverage and how they apply to you. While you may not know whether you will need long-term care, coverage may protect your assets, especially those that directly affect your farm business. The more you know, the better able you will be to purchase the insurance that is best for you and your situation.
Multiple family members are encouraged to attend this workshop and registration decreases with additional attendees from the same family or farm business. The fee for one person is $20 and includes class materials and lunch. Contact Leigh Presley, Racine/Kenosha County UW-Extension at 262-857-1948/262-767-2905 or leigh.presley@ces.uwex.edu or Peg Reedy, UW-Extension Walworth County at 262-741-4961 or peg.reedy@ces.uwex.edu for more information. Registration information is available at www.walworth.uwex.edu . Registration deadline is March 4.
The UW-Extension does a fantastic job in farming communities throughout the state of Wisconsin. Unfortunately, they have been “targeted” for massive budget cuts by our governor, supported by our local legislators “west of the i”.
Hard to fathom. Their expertise will be missed in our farming communities.
Gov Walkers is targeting UW-Extension programs. I will hurt our farming communities much more than what the Gov says it will. Take a look at the voucher program for our schools. He is taking tax payer money and supporting private schools. This makes a short fall for our public schools. What happens is layoffs. That means less money for us tax payers, larger classes and all types of cut backs. Tax payer money should go to our programs not a for profit school.