A webinar to discuss the first steps of farm succession planning will be held Thursday, Oct. 27, at the Lincoln County Service Center, 801 N. Sales St., Merrill. This webinar is the second in a series of webinars from UW-Extension that will focus on a variety of farm succession topics. This two-hour webinar begins at 1 p.m.
Farm business owners looking to the future of their farming operations have many issues to consider. Succession planning includes planning for the owner generation’s later years; business planning to ensure the operation has financial capacity; developing the successor’s management skills; and estate and tax planning. However, before these areas are addressed many conversations should take place around the values, vision and goals of the family members/farming partners and the goals of the business.
This webinar is for both the owner and successor generations to learn how to begin the succession planning process, which starts with three questions: Where is the farm now? Where do you want it to be? How do you get there? Joy Kirkpatrick, Outreach Specialist for the UW Center will lead the webinar and topics include:
•An overview of farm succession planning and important components
•A three-step process to help businesses organize their ideas and issues around succession
•Exercises and worksheets to help farm partners talk about their goals
•Resources available to assist farm businesses through the planning process
Preregistration is required. The fee is $5 per farm per webinar to cover the costs of the webinar and materials. Contact the Lincoln County UW-Extension office to register 715-539-1072.
The farm succession webinar series continues into this fall and through early spring of 2017. Future dates and topics are:
•Nov. 17, 2016 – How Big is Your House? – How Big Does It Need To Be? Financial analysis for succession planning – Kevin Bernhardt, UW-Extension farm management specialist (1-3 p.m.)
•Jan. 26, 2017 – Estate planning – Bridget Finke, Attorney, Bakke Norman Law Offices (1-3p.m.)
•Feb. 23, 2017 – Long Term Care: Planning for My Future Needs – Steve Shapiro, Medigap Insurance Specialist, State of Wisconsin Board on Aging and Long Term Care and the Wisconsin Office of the Commissioner of Insurance (1-3 p.m.)
•March 23, 2017 – Medicaid Eligibility and Recovery – Anthony Schmoldt, Attorney, Schmoldt Law Office (1-3 p.m.)
If you have any questions regarding the agricultural lease webinar or any of the future webinars please contact Dan Marzu, Agricultural Development Educator, at 715-539-1072.