Do you need to plan for the future of your farm?
Whether it's to protect family farmland, bring future generations into the operation, address special needs like retirement, disability, or remarriage--taking legal steps now can make your goals for the future of your farm a reality. Farm transition planning is so important to keeping a farm and a farm family together, but it's easy to make mistakes that can bring unintended problems in the future. Consider this this list of seven common mistakes farmers make in farm transition planning:
2. Thinking joint property titles will do.
3. Overlooking expenses at time of death.
4. Assuming no federal estate taxes.
5. Trying to be fair to all beneficiaries.
6. Failing to consider disability as well as death.
7. Avoiding communication.
We'll discuss and address all of these issues in our "Planning for the Future of Your Farm" workshops this winter. We can help you get over that procrastination hurdle, develop your goals, deal with communication issues and understand legal strategies. Join me, attorney Robert Moore, and farm management educator David Marrison for either a day-long live program or a four-part live webinar this winter, where we cover these topics:
- Developing goals for estate and succession planning
- Planning for the transition of control
- Planning for the unexpected
- Communication and conflict management during farm transfer
- Legal tools and strategies
- Developing your team
- Getting your affairs in order
- Selecting an attorney
Dates and locations for the workshops are:
- Live Zoom webinar on January 31 and February 7, 21 and 28 from 6:30--8:30 pm.
- Because of its virtual nature, parents, children, and grandchildren can easily attend this workshop, regardless of where they live!
- Day-long in-person workshops:
- February 10, 2022--OSU Extension Greene County, Xenia, Ohio
- February 25, 2022--OSU Fisher Auditorium, Wooster, Ohio
- March 4, 2022--Wood County Fairgrounds, Bowling Green, Ohio
Pre-registration is necessary for all workshops. For registration and further information, visit this link: go.osu.edu/farmsuccession. Together, let's make 2022 the year that you make plans for the future of your farm.