Project Overview
Delaware farmers, whose average age is 55, are faced with the need to consider estate planning and intergenerational transfer of the farm process. Farm families who have a “next generation” to take over the family farm often find estate planning or the intergenerational transfer of the farm process a daunting task for reasons which might include: the pressure of selling to development vs. preserving/farming the land; division of labor and decision-making responsibilities among generations; division of the estate; or the need to ensure parents´ retirement security. The objectives of this project were to increase farm families’ understanding of estate planning and the intergenerational transfer of the farm process, to help these families make informed decisions while developing an estate plan or making appropriate changes to a current plan, or to begin or continue an intergenerational transfer of the farm process.
Two day-long conferences included topics such as: wills and trusts, gifting, family dynamics and communication, tax implications, distribution of assets, insurance tools used in estate planning and the intergenerational transition of the farm process. An additional workshop was offered at the 2008 Regional Women in Agriculture Conference.
Number of Participants: 45
PROMOTIONAL MATERIALS
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EDUCATIONAL MATERIALS
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REPORTS & EVALUATIONS
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