The Fayette and Clinton County OSU Extension offices will be holding workshops to help farmers discuss estate planning for the future.
The Advanced Estate Planning for Farmers workshops will be held on Feb. 17 at two different locations. From 8:30 until 11 a.m. at the Agriculture Center at 1415 U.S. 22 S.W. in Washington Court House and from 1:30 to 4:30 p.m. at the Clinton Extension at 111 S. Nelson Ave. in Wilmington, the educators will be meeting with farming families to begin discussions transitioning the farm from one generation to the next, according to Fayette Extension Educator Agriculture and Natural Resources Ken Ford.
“The purpose of these workshops is to begin dialogue in the family about continuing the family farm into the next generation and steps to take to ensure this happens,” Ford said during an interview on Tuesday. “We are going to help plan for that generational shift and offer advanced training on a number of issues. We want to help facilitate that discussion on what the next generation of farmers want, and how the current generation of farmers can help and what they would like to see from their farms. A family continuing in agriculture is what we want. The extension office is going to help with those hard discussions.”
The agenda for the discussion includes how to expand your farm estate for your heirs without estate tax inclusion, how to transfer your elderly parents’ farm without nursing home recovery, how to set up a grain hauling operation to minimize legal liability and risk, how to establish a family farm operating agreement with siblings and children and how to design retirement plan options for family farms (SEP/IRA, 401K, Defined Benefit Plan, etc.). These discussions are crucial, according to Ford, to continuing in the agriculture business with a family farm.
“There are plenty of resources available to allow for a better understanding during the planning process,” Ford said. “The extension office would really enjoy it if we had plenty of our own local families come and take part in the conversation. If it is not possible to attend our meeting in the morning, then we encourage you to travel to Wilmington and join them there. These discussions could really make a difference when discussing the future of your family farm.”
Chris Bruynis, assistant professor with OSU Extension, Douglas R. Jackson, a farm estate tax attorney and Richard K. Shirer, CLU, LUTCF, CLTC, will be the speakers for the event. Refreshments will be served at each location.
If interested in attending RSVP at (614) 932-0854 or by calling the Fayette Extension office at (740) 335-1150 or the Clinton Extension office at (937) 382-0901 by Monday, Feb. 15, as space is limited.
