In this project, we created a set of videos, worksheets, and decision-making tools that combined to create a single guide and a cohesive workshop experience. These materials addressed the following subjects:
- Wills, trusts and business structures: their roles and opportunities within a farm succession plan
- Exploring 3 types of trusts to achieve your farm succession goals.
- 4 essential strategies for structuring a business entity that meets your farm succession needs.
- Core tax considerations in a farm succession plan: estate, gift, and capital gains tax.
Working effectively with attorneys and professionals on your farm succession plan For resources that help farmers apply the content to their individual situation, our worksheets are as follows:
Wills, trusts, and business structures: Which one fits your farm succession needs?
Irrevocable, living, and revokable trusts: Which one fits your farm succession needs?
Worksheet for identifying whether estate, gift, and capital gains taxes play a role in your farm succession needs.
Our goal was for 35 farmers to undertake each subject area, increasing their knowledge through the video/guide. We also anticipated 25 farmers would use the workbook/activity elements. We largely met these goals, excepting the outcomes for different types of trusts. We approached our overall goal of reaching 175 farmers, coming in at 139 educational contacts. We know we reached over 100 more farmers through distribution by project partners but cannot confirm the extent of those farmers' participation.