Multi Generation Farm Transition and Estate Planning
The Minnesota State Agricultural Centers of Excellence along with University Minnesota Extension are proud to partner with Minnesota Farm Business Management, Minnesota Agricultural Education Leadership Council, and the Minnesota Department of Agriculture to present workshops and retreats on Farm Transition. Funding during 2019-2020 for this project was provided by the North Central Extension Risk Management Education Center, the USDA National Institute of Food and Agriculture Award Number 2018-70024-28586.
The retreat focuses on farm business succession and family estate planning. It is intended to be useful for established farm owners and their successors. An emphasis will be on not only how to transfer the ‘financial business’ but how to transfer the ‘management and responsibility’ of the farm. Other topics covered in this workshop include:
- the stages of succession planning
- contribution and compensation
- balancing the interests of on farm and off farm heirs
- the importance of communication
- goal setting
- analyzing the business
- the use of trusts, wills, and life estate deeds
- and more.
Facilitators designed the retreat to allow time for significant planning discussion within the farm family. It is highly recommended that each member of the family involved in the farm transition and their spouses/partners (if applicable) attend this retreat. Each retreat will run from 4:00 pm -8:30 pm Friday and 8:00 am – 4:00 pm Saturday.
The one day workshop is an introductory workshop and will feature information on farm goal setting, family communication, business structure, mechanics for inheritance and transition. Participants will also learn about the Farm Business Management Program. Information covered in the workshops is available in written web articles year round on the University of Minnesota Extension website: z.umn.edu/farmtransition. Each workshop typically runs from 9:30 am to 3:30 pm.
Each winter, Minnesota State Agricultural Centers of Excellence and University of Minnesota Extension offer a series of one day workshops and one and a half day retreats. For more information about either workshops or retreats please contact Megan Roberts at firstname.lastname@example.org or Judy Barka at email@example.com. 2020 workshops and retreats have been completed. Please stay tuned for 2021 dates and locations.
For assistance with difficult family transition conversations please contact Ted Matthews or Monica McConkey, MN Rural Mental Health Specialists.
Beginning & Transition Farmer Resources
- Beginning Farmer Tax Credit
- Seeking land and farmers– MN Farm Link Program
- Financial Assistance and Loans