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.
Do you have questions about how to begin working through these challenging topics? Or, have you already started your plan and want to learn more? University of Minnesota Extension and the Minnesota State College and University System partner to offer hands-on farm transition education focused on multi-generation farm businesses. We offer two no-cost sessions from which to select. Pick either/or.
Virtual: Join us for a four part Zoom series, Thursdays at noon – 1 pm on February 4, 11, 18, and 24, 2021. In between sessions, we will recommend further completion of activities.
In-person retreat (tentative): Join us at Alexandria Tech and Community College, March 12, 2021 4:30 – 8:30 pm and Saturday, March 13, 2021 8:00 am – 4:00 pm. Registration is capped at 25.
Special Note: the virtual or in-person retreat come with follow up visit(s) by a Farm Business Management Instructor.
RETREAT Register at z.umn.edu/generationaltransition. For registration questions, contact Cindy Kantor at 320-308-6641 or at CKantor@sctcc.edu. For questions about the course, contact Megan Roberts at email@example.com. Instructors for these sessions are Jim Molenaar, Megan Roberts, and Amber Roberts.
Transition Thursday Workshop Information
Are you struggling with how to transfer your farm business to the next generation?
Farm transition is a challenging process that requires careful planning. The University of Minnesota Extension is presenting nine webinars on farm transition and estate planning. Webinars are held Thursdays from 12:00 p.m. – 1:00 p.m. and are no cost to attendees. Pre-registration is requested, and all meetings are held virtually through Zoom.
Where to Begin? Assessing Transition Readiness – November 5
Goal Setting – November 12
Family Communication and Heritage – November 19
Business Structure and Land Ownership – December 3
Estate Planning: Wills and Trusts – December 10
Estate Planning: Selling and Gifting – December 17
Business Succession – January 7
Retirement Planning – January 14
What to Do If You Don’t Have an Heir? – January 21
Transition Thursdays Registration Information Register at z.umn.edu/TransitionWebinars
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