2013-01-31 / Ag News

Farm/ranch transition planning classes set

The North Dakota State University Extension Service is hosting a farm and ranch transition planning workshop at five locations Feb. 7, 14 and 21.

The workshop will help farmers and ranchers:

• Design an orderly and successful transition plan for their farm/ranch business.

• Choose the successor(s) best suited to continue the business into the future.

• Understand the transition plan’s financial impacts and tax consequences.

• Learn about the best tools and strategies to create a plan.

The sessions will run from 6:15 to 9:30 p.m. CST and 5:15 to 8:30 p.m. MST at the following locations across the state:

• NDSU Extension Service Grand Forks County office, 151 4th St. S., Suite 302, Grand Forks.

• Kindred High School, 255 Dakota St.

• Logan County Courthouse, 301 Broadway, Napoleon.

• Rugby High School ITV Room, 1123 Main Ave. S.

• Barnes County Public Health DES Room, Barnes County Courthouse, 230 4th St. N.W., Valley City.

“Due to the fact that farmers and ranchers have some very unique transition issues, these sessions are geared to their specific needs,” Willie Huot, Grand Forks County Extension agent and state farm/ranch transition planning program coordinator, said. “The major increase in asset values, especially land, in the last several years has made this topic even more critical of late.”

The sessions will have a combination of presentations via the North Dakota Interactive Video Network (IVN) and from local experts at each location. Attending all three sessions is important.

Topics for the first session are why farmers and ranchers should plan their estate, who should be involved, what materials they’ll need and the importance of communication among family members. The IVN presenter will be John Baker of the Beginning Farmer Center at Iowa State University.

Session 2 will address farm succession planning, and tax and economic consequences of asset transfer strategies. The IVN presenter will be Andy Zenk, an agribusiness consultant with AgCountry/ Farm Credit Services, Grand Forks.

Session 3 will cover farm business arrangements, including the pros and cons of different types of business organizations for farmers and ranchers in North Dakota. The IVN presenter will be Judith Howard, an attorney from Minot.

The early bird registration fee is $55 for individuals and $15 each for spouses or business associates (up to two additional) if postmarked by Jan. 31, 2013. After that date, individual registrations will increase to $75. Registration fees include materials and refreshments.

For registration information, contact the Extension office at the site you wish to attend.

Registration forms, as well as online registration, are available at www.ag.ndsu.edu/anniesproject. Go to Farm/Ranch Transition Planning. Anyone interested in attending the workshop should register as soon as possible because seating is limited at most of the sites.

For more information about the workshop, contact the Extension office in the county where you plan to attend or Huot at (701) 780-8229 or willie.huot@ndsu.edu.

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