Farm Transition Workshop Part 2

This two session workshop is structured to help farm families develop a transition plan for the future, discover ways to increase family communication, and learn necessary strategies to successfully transfer management skills and the farm’s business assets from one generation to the next. The workshop will challenge farm families to actively plan for the future of the farm business. The workshop will involve some work and family conversation between the two sessions that will help move the farm farther along in the process of farm transition and succession. Farm families are encouraged to bring members from each generation to the workshop.

Speakers for this program will be David Marrison, OSU Extension Educator Coshocton County; Robert Moore, Attorney at law, Wright & Moore Law Co.; Peggy Hall, Associate Professor, OSU Agricultural & Resource Law Program; Paul Kelby, Western and Southern Life Insurance; and Rory Lewandowski, OSU Extension Educator Wayne County.

Part 1 topics on July 19 include:

•Key questions to answer when planning for the future of the family farm business

•Family communication in the farm transition process

•Analyzing the family farm business/keeping the business competitive into the future

•Providing income for multiple generations

•Developing the next generation of farm managers

•Farm succession with multiple offspring and family members: Fair vs. Equal

•Retirement strategies

•Preparing for the un-expected

•Strategies to get my farm and family affairs in order

Part 2 topics on July 26 include:

•Analyzing risk in today’s world

•Long term health care issues and costs

•Farm business structures and their role in estate and transition planning

•Estate and transfer strategies

•Buy/sell agreements

•Trusts and life insurance

•Tax implications of estate and transition planning

•What will my lawyer need from me