“Navigating the Legal and Tax Issues of a Farm Succession Plan” provided farm families who have begun the succession planning process with the decision making tools to create a transfer strategy. Four regional workshops were conducted around Indiana with 83 farm family members attending. The workshops addressed the technical “how-to” of farm transfer discussing tax implications, liability issues, funding strategies, and machinery/land purchase options as well as the importance of effective communication during the succession planning process.
Participants worked through these topics through a case study with an attorney and accountant. They also heard from Purdue instructors on crafting buy-sell and operating agreements and valuing the business. Participants interacted with a farm family panel who have been through the succession planning process to better understand real life problems and solutions and especially how important effective communication is. At the end of the participants were invited to work individually with Purdue Succession Team members with the first hour meeting scheduled for the day after. In the meeting families talked about succession planning goals, team members helped lay out some possible options and action steps for the family.