AMES, Iowa – Retirement for farmers is unique – particularly as there isn’t a distinct moment when they just walk out the workplace door for the final time like someone in a regular wage-earning job might. Rather, farm families often need to think about how to transition the farm business to the next generation during their lifetime, as well as have an estate plan in place.
“Talking about transitions and estate planning is difficult for most people, and especially for farm families,” said Kelvin Leibold, farm management specialist with Iowa State University Extension and Outreach. “And the actual implementation of a transition plan can be even harder.”
To help farmers answer transition and estate planning questions, an Evaluating Your Estate Plan workshop will be offered on July 26 at the ISU Extension and Outreach Webster County Office.
“Families and individuals should plan adequately to protect assets that they have built over a lifetime of hard work” said Leibold. “There are options particularly suited for consideration by farm families and different ways to transition farm management and assets. This program helps farm families plan for the future.”
The workshop will discuss the language of estate planning: gift, estate and inheritance taxes: calculating retirement costs and many other areas vital to creating a good estate plan.
“We’re really excited about this workshop because it doesn’t just stop at providing valuable information for anyone concerned about estate and transition plans,” said Leibold. “Everyone will participate in a hands-on analysis and discussion of case studies that will help farmers apply the information to their own situations.”
Those who are unsure of how to build a transition plan or what options are best for their farm operation and family should attend this workshop.
The workshop begins at 9:30 a.m. and will adjourn at 3:30 p.m. and costs $50 per person and includes lunch and materials. Advance registration is required. To pre-register call the ISU Extension and Outreach Webster County Office at 515-576-2119 by July 25.