UW-Extension to host farm succession and estate planning workshop on Jan. 21

/Photo by Heather Gardner via freeimages.com

The University of Wisconsin-Madison Division of Extension will host a workshop at the Walworth County Government Center, 100 W Walworth St., Elkhorn, providing information and resources on farm succession and estate planning. The workshop will be held on Tuesday, January 21, 2020, and will run from 9:30 a.m. – 2:30 p.m. Participants will have an opportunity to meet individually with speakers, including an attorney and a tax specialist to ask specific questions about their farms. The program is open to farm families throughout the Racine, Kenosha, and Walworth County area.

As the average age of U.S. farmers continues to inch upward, the need to plan for the transition of land, livestock, machinery, and management decisions have become a top priority in the U.S. agriculture industry. While the ongoing economic downturn in almost all sectors of agriculture may have dampened the short term outlook for some farms, long term business and estate planning decisions should still be on farm businesses to-do lists.

Having intentional conversations around farm succession and developing future plans for the farm provides a better chance of transition success. Even if the owner generation is planning to be a part of the management for 10+ years from now, starting early can help the process go more smoothly. It provides the succession generation time to develop their management skills and provides the farm time to build or increase its financial stability to include another generation.

Registration is $20 per person and includes lunch, refreshments, speakers and workshop materials.  For more information on these workshops go to https://farms.extension.wisc.edu/programs/cultivating/.  To register for this program contact Extension Walworth County at 262-741-4963 or Jim.Versweyveld@wisc.edu

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