Home > Farm Transfer and Estate Planning
In Minnesota, there is approximately $90 billion dollars worth of assets under the management and control of farm families. Based upon surveys of past farm transfer program participants, 71.9% do not have an up-to-date estate plan and 85.0% 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 these issues, in part, a free webcast titled "Farm Transfer and Estate Planning" was presented by University of Minnesota Extension and the Minnesota Pork Board on May 6th, 2008. The webcast was part of the quarterly online seminar series that provides management level research-driven information to pork production managers and owners.
The PorkCast session focused on farm transfer and personal estate planning issues. Topics included:
- 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
PorkCast programs can be viewed from one's computer, and pre-registration is not required. To view a pdf version of the presentation, click here.