The future of your farm is important. If you want to keep it in the family after you’re gone, planning is very important.
Leaving succession planning to the lawyers and probate is not a strategy that will pay off for your operation in the long run. Washington State University Extension Forestry is offering an all-day workshop on the topic.
Called “Ties to the Land,” the workshop will focus on ways to maintain family ties to the land from generation to generation. The workshop will build awareness of key challenges facing family businesses, and motivate farm and forest families to address those challenges.
The workshop is set for from 9 a.m. to 4 p.m. March 27 at Montesano City Hall, Montesano, Wash.
Often, you hear talk of estate planning and succession planning in the same sentence. For many experts, however, estate planning is the tax side of the transaction.
Plan for successful transition
Succession planning is the human side, and is a way for families to maintain their ties to the land across multiple generations. These are key discussions that focus on family history, who farms what part of the operation, and how to deal with off-farm children and the need to create fairness through the process.
The workshop is facilitated and interactive. There are DVD-based components that provide effective tools families can use to decide the future of their land. Workshop participants will learn about the legal and economic aspects of transferring a farm, forest or ranch from one generation to the next. Working as a family, attendees will receive information about legal and economic aspects of transferring forest lands too.
The workshop is a mix of presentations and practical exercises to help families develop techniques needed to address tough issues. With ever-changing tax laws and changing family dynamics, succession planning is more important than ever.
Registration is $45 per household. To learn more about the course, and to register, visit bit.ly/wsumontesano.