Posted by: Dennis Hinkamp on Nov 8, 2013
USU Extension Hosts Farm Succession and Estate Planning Workshop
LOGAN — Utah State University Extension’s Utah Building Farmers Program hosts a Farm Succession and Estate Planning workshop on Wednesday, Nov. 13, from 5 to 9 p.m. at the USU Botanical Center Utah House, 920 South 50 West, in Kaysville.
Logan Attorney Todd Hallock will discuss selecting and training a successor, use of entities such as corporations or LLCs, sales vs. gifts, retirement, what to do for the non-farming children, wills vs. trusts and funding the plan.
According to the USDA, approximately 96 percent of the 2.2 million farms are classified as family farms. The average age of a farm operator is 57, and the fastest growing segment is those over age 65. While this aging trend demonstrates an increased need for planning as farmers reach an age when transition must occur because of death, disability or retirement, the overwhelming majority of farms and ranches have no plan for succession.
“Now is the time to move beyond hoping things will work out and discover concrete solutions to estate and succession planning challenges unique to farmers and ranchers,” said Kynda Curtis, USU Extension agricultural marketing specialist and conference organizer.
Registration cost is $20 per farm or ranch (two people) at the door. Contact Curtis at email@example.com or 435-797-0444 by noon on Tuesday, Nov. 12, to RSVP. Registration fee includes dinner and all materials.