What is the future of your farm?
Tuesday, November 10, 2009 - 11:20 pm
Farm Business Succession and Estate Planning workshop, Dec. 8.
Farm Landowners will be interested in attending the Business Succession Planning and Estate Planning Workshop.
This event is set for Dec. 8 with registration starting at 9:30 a.m. at the New World Inn, Columbus. The workshop had been set for Nov. 10 but was postponed because of the late harvest.
The purpose of the workshop will be to help landowners look at Farm Business Succession Planning and Estate Planning basics. The featured speaker will be Dave Goeller, UNL Ag Economics Department. Tom Fehringer and James A. Fehringer, local attorneys and Allan Vyhnalek, UNL Extension Educator in Platte County, will also assist with the day.
Participants can register for either the Farm Business Succession (morning) portion, or for the Estate Planning Basics portion which will be held starting at 1:00 p.m. Participants are encouraged to attend the entire workshop.
Registration is free and will cover the handouts, snacks, and lunch.
Sponsorship for this workshop is being provided by Cornerstone Bank. Anyone wanting to attend does need to pre-register by calling Kristy Brichacek at 563-9266 by November 4 to register.
As a part of the Estate Planning discussion, passing the land to the next generation will be discussed in detail. The concept of "Fair vs. Equal" will be considered for children of the landowner. Planning ahead is the key to minimizing tax liability for passing on assets. The workshop will provide information about legal avenues to minimize tax liabilities or ways to spread out tax liabilities so that they are managed more easily.
A highlight includes information about situations the presenters encountered while working with farm families. "Fair" isn't always the same as "equal" and that subject is a key in establishing a smooth transition of property to the next generation. I encourage landowners that will be passing assets on to their children to attend this workshop. More importantly, anyone over 55 years old with control of Ag Land assets should have a succession plan in place. This workshop will be invaluable for those needing to start work on that plan.
For more information or assistance, please contact Allan Vyhnalek, Extension Educator, University of Nebraska Cooperative Extension in Platte County. Phone: 402-563-4901 or e-mail AVYHNALEK2@unl.edu
