News From Terre Haute, Indiana

Valley Life

February 23, 2014

Planning Your Farm’s Future program March 4

As commercial farms grow in size and business risk becomes more magnified, farm families are thinking more and more about how the family farm will operate in future years, as well as who will provide management and who will control farm assets. What will the farm business look like in 25 years? How will ownership shares be transferred? What mechanism will determine how owners enter and exit the farm business? What kinds of risk does the farm face in maintaining economic sustainability?

Questions like these will be central to a program hosted by the Bi-State Extension Group, a collaboration between Purdue Extension and University of Illinois Extension. The program will take place at 5 p.m. March 4 at the Beef House in Covington.

The program will be conducted by Angela Gloy, Purdue farm business planning specialist, and Jim Luzar, Purdue Extension educator in Vigo County. The presenters will first address farm and business structure and how succession planning interfaces with estate planning and income tax management.  Following dinner, the presenters will review the mechanics of operating agreements and how succession planning is undertaken. The evening will wrap up with examination of a farm operation’s exposure to risk in the succession process.

Families looking to plan for how members will enter and exit the farm business should find this program useful as a means to review existing plans or take the next step in developing a succession plan.

Questions relating to program topics can be asked in advance to enrich the discussion. Those questions can be directed to Luzar at 812-462-3371 or luzar@purdue.edu.

Reservations can be made at county extension offices by Feb. 28. Cost is $20 (payable at the door) and includes the meal and program materials.

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