This program effort addressed the human and financial risks arising from the lack of farm succession planning, lack of intergenerational goal setting, and not implementing a farm transfer and associated estate plan. Topics addressed included individual, family, and farm business goals; retirement planning; transfer strategies; financial and tax issues in a transfer; business analysis; long-term care, power-of-attorney and life insurance issues; treatment of heirs; and the development and implementation of a written transfer and estate plan. Participants included 524 Minnesota farm family members representing 301 farm buisiness units. They attended one of 12, five hour workshops. Following each workshop participants better understood farm transfer and estate planning concepts and strategies. Participants linked with an adult farm management instructor to complete a farm business (FINPACK) analysis. Follow-up evaluation six months after the program effort, participant stated that they have either began or completed a farm transfer and estate plan.
Number of Participants: 524
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There are no educational materials available for this project.
REPORTS & EVALUATIONS
There are no reports or evaluations available for this project.