Transferring the Farm – Virtual Workshop

University of Vermont Extensions

Type: YouTube
Knowledge level: Intermediate

Farm Table says:

Step-by-step format. The US-based resource that is a little outdated.

This US-based virtual workshop has nine sections that include basic information on the succession planning topic, video clip/s and links to further resources.

The agenda includes:

Introduction:

When thinking about farm transfer planning, it may help to look at the family farm as a system of three interconnected parts that can operate separately or as one system.

  • Family
  • Ownership (the farmland)
  • Management (the farm business)

First Things First – Getting the Farm Transfer Process Started:

  • How do you see the future of the farm? What do you see as your role in the future? What’s important to you?

Planning for Retirement

  • What is your idea of retirement?
  • Do you have a retirement plan?
  • Have you thought about how you will meet your retirement dreams? And how do your retirement dreams fit with your plans for the farm business?

Estate Planning

  • *Before* heading to the lawyer’s office for estate planning or business entity development, it is really important for you to think about your estate plan, your desires and needs for the future.

Farm Business Planning

  • Business planning and farm succession are closely linked.

Selecting a Farm Business Entity

  • Information on business structures or entities that farm families can use in their business transition planning.

Taxes and Transferring the Farm

Types of taxes farm families need to consider when transferring the farm (US):

  • income tax
  • self-employment tax
  • rental income tax
  • capital gains tax, and
  • estate tax.

The Family and Farm Transfer

  • Videos address some of the more common concerns raised by family farm members facing farm succession, including fair versus equal treatment and divorce.

First-hand Experience: Farm Case Studies

  • Farm case studies to show just some scenarios and that transferring the farm is indeed possible
2014 - United States - University of Vermont Extensions
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