News from NY FarmNet:
This isn’t your grandpa’s farm transfer.
Farm succession now requires legal, tax and business strategy.
Industry professionals and farmers will offers tips for transferring farm ownership to the next generation at a conference, “New Strategies for Farm Succession Planning,” slated for Sept. 24-25 at the New York State Fairgrounds in Geddes, just west of Syracuse.
Registrations are due Sept. 12.
“Over the years, the farm transfer process has become increasingly complex. At the same time, farmland values continue to appreciate. These factors make it necessary for farmers to have in place innovative strategies to ensure a successful transition in ownership and keep the farm in agriculture,” said Ed Staehr, executive director of NY FarmNet and a senior extension associate with the Dyson School at Cornell University.
NY FarmNet organized the conference in light of the growing number of requests from farmers faced with how to successfully keep the farm business going under new management of the next generation of operators – from within, and outside, the farm family.
NY FarmNet provides free and confidential technical assistance in farm financial matters, including farm startup, business planning, developing financial statements, debt restructuring, and more. NY FarmNet’s personal wellbeing staff helps farmers improve family and business communication skills and address stress, communication, and other concerns.
The conference provides farm families and their advisers information on developing effective farm business succession plans.
Presenters include nationally renowned experts in farm succession planning. Robert Milligan, senior consultant with Dairy Strategies/Professor Emeritus Cornell University; and Sharon Danes, professor and family economist at the University of Minnesota, who will lead discussions on management and relationship-building relevant to farm succession planning.
Professionals from Farm Credit, Farm Family Insurance and a leading law firm in succession planning will describe how to develop a plan that works for your farm business, including funding, tax, legal, and insurance strategies.
A multigenerational panel of farmers will share how they implemented succession plans for their farm business.
A significant number of farms now exceed federal gift and estate tax exemptions. As a result, some farm owners are reluctant to develop a strategy for the next generation to continue farming.
In many cases, profitability is not a limiting factor in farm business transferability. Family communication issues between generations are a frequent impediment to successful farm business transfers.
Registration is due by Sept. 12 and is $100 and includes meals and educational material. For more information, call (800) 547-3276 or email firstname.lastname@example.org.
NY FarmNet is an extension and outreach program of the Charles H. Dyson School of Applied Economics and Management at Cornell University. Look for NY Farm Net online at www.nyfarmnet.org, or www.facebook.com/nyfarmnet/.