AMES, Iowa – Iowa State University Extension and Outreach is offering a farm succession and estate planning workshop to help farm families begin conversations and start putting transition plans on paper.
Jerry Chizek, ISU Extension and Outreach regional director, said offering a farm business succession workshop is the 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,” said Chizek. “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. That’s why we are bringing Iowa State University transitioning experts to our region.”
The first workshop will be held on Aug. 13, starting at 5:30-9 p.m. with David Baker, director of the Beginning Farmer Center with ISU Extension and Outreach, presenting “Farm Succession.”
The second workshop will be held Aug. 20 from at 5:30-9 p.m., with Kelvin Leibold, farm management specialist with ISU Extension and Outreach, presenting on “Estate Planning.”
“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,” said Baker.
“The workshop is planned as a multi-generational event for exiting owners and spouses and succeeding owners and spouses," said Leibold.
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, inheritance taxes and implementing an estate plan.
The workshops will be held at the ISU Extension and Outreach Webster County office, located at 217 S. 25th Street, Suite C12 in Fort Dodge.
The registration fee for both workshops is $150 per family of four or $50 per person. Pre-registration is required by Aug. 6, and can be made by contacting one of the following ISU Extension and Outreach 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, participants are asked to pre-register so that organizers can prepare adequate space and materials.
Original photo: Estate planning