This isn't your grandpa's farm transfer. Farm succession now requires legal, tax and business strategy.
Industry professionals and farmers will offer tips for transferring farm ownership to the next generation at a conference called "New Strategies for Farm Succession Planning," slated for September 24-25 at the New York State Fairgrounds in Syracuse, N.Y.
"Over the years, the farm transfer process has become increasingly complex. At the same time, farmland values continue to appreciate. These factors make it necessary for farmers to have in place innovative strategies to ensure a successful transition in ownership and keep the farm in agriculture," said Ed Staehr, executive director of NY FarmNet and a senior extension associate with the Dyson School at Cornell University.
NY FarmNet organized the conference in light of the growing number of requests from farmers faced with how to successfully keep the farm business going under new management by the next generation of operators--from within, and outside, the farm family.
NY FarmNet provides free and confidential technical assistance in farm financial matters, including farm start-up, business planning, developing financial statements, debt restructuring, and more. NY FarmNet's personal well-being staff helps farmers improve family and business communication skills and address stress, communication and other concerns.
NY FarmNet is an extension and outreach program of the Charles H. Dyson School of Applied Economics and Management at Cornell University.
The conference provides farm families and their advisors information on developing effective farm business succession plans. Presenters include nationally renowned experts in farm succession planning. Robert Milligan, senior consultant with Dairy Strategies and professor emeritus at Cornell University, and Sharon Danes, professor and family economist at the University of Minnesota, will lead discussions on management and relationship-building relevant to farm succession planning.
Professionals from Farm Credit, Farm Family Insurance, and a leading law firm in succession planning will describe how to develop a plan that works for your farm business, including funding, tax, legal and insurance strategies.
A multigenerational panel of farmers will share how they implemented succession plans for their farm business.
A significant number of farms now exceed federal gift and estate tax exemptions. As a result, some farm owners are reluctant to develop a strategy for the next generation to continue farming. In many cases, profitability is not a limiting factor in farm business transferability. Family communication issues between generations are a frequent impediment to successful farm business transfers.
Registration cost is $100 and includes meals and educational material. Registration is due by September 12. For more information, call 800-547-3276 or email firstname.lastname@example.org
Conference sponsorship is available at the following levels:
Patron Below $500
Pewter $500 to $999
Bronze $1,000 to $2,499
Silver $2,500 to $4,999
Gold $5,000 to $9,999
Platinum $10,000 and above
Look for NY FarmNet online at www.nyfarmnet.org