Contact: Mark Whitney, University of Minnesota Extension Swine Program Leader, (507)389-5541 or whitn007@umn.edu.

Free webcast explains farm transfer estate planning

ST. PAUL, Minn. (4/30/2008) — University of Minnesota Extension and the Minnesota Pork Board are hosting a free PorkCast online seminar, "Farm Transfer Estate Planning" on May 6th from 1-2 p.m.

In Minnesota, there are approximately $90 billion dollars worth of assets under the management and control of farm families. Based upon surveys of past farm transfer program participants, about 72 percent do not have an up-to-date estate plan and 85 percent do not have a farm transfer plan.

The farm population is aging, but statistics show very little preparation has been done for the orderly and efficient transfer of their business to the next generation.

To address this issue, Gary Hachfeld, Extension educator, will present information on farm transfer and personal estate planning issues. Topics will include:

• establishing personal, family and business goals
• tax issues to consider when transferring the farm business
• business entities and transfer strategies
• treatment of heirs
• financial assistance for the entering generation
• estate planning issues
• developing a written transfer plan
• establishing a transfer and estate planning team

To join the PorkCast go the University of Minnesota Extension Swine website at www.extension.umn.edu/swine/porkcast and click on “Farm Transfer Estate Planning” shortly before the scheduled 1 p.m. start time, then follow the directions provided.  For additional information on PorkCast programming, contact Mark Whitney, University of Minnesota Swine Extension Program Leader, at (507)389-5541 or whitn007@umn.edu.