Do you want to design an orderly and successful transition plan for your farm/ranch business? Are you uncertain about how to choose the successor or successors best suited to continue your business into the future? Are you concerned about the financial impacts and tax consequences of your transition plan? What are the best tools/strategies available to create this plan?
These are just a few of the questions that will be answered at the farm/ranch transition planning workshop series the North Dakota State University Extension Service is hosting Feb. 9, 16, and 23, 2012. 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:
* Ashley High School, 703 Main St. W., Ashley
* Beulah High School, 204 5th St. N.W., Beulah
* Bottineau County District Court room, second floor, Bottineau County Courthouse, 314 5th St. W., Bottineau
* Towner County Extension office, 404 5th Ave., Suite 1, Cando
* Carrington Research Extension Center, 663 Highway 281 N.E., Carrington
* Griggs County Extension office, Griggs County Courthouse, 808 Rollins Ave. S.W., Cooperstown
* Armory meeting room, 417 5th St. N.E., Devils Lake
* Grand Forks County Extension office, County Office Building, 151 4th St. S., Suite 302, Grand Forks
* North Central Research Extension Center, 5400 Highway 83 S., Minot
* Mountrail County Extension office, Memorial Building, 18 2nd Ave. S.W., Stanley
* Barnes County Public Health DES room, Barnes County Courthouse, 230 4th St. N.W., Valley City
* Richland County Commission room, Richland County Courthouse, 418 2nd Ave. N., Wahpeton
"Due to the fact that farmers and ranchers have some very unique transition issues, these sessions are geared to their specific needs," says Willie Huot, Grand Forks County Extension agent and state coordinator for the farm and ranch transition planning program. "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 and local experts at each location. Attending all three sessions is very important.
Topics for the first session are why you should plan your estate, who should be involved, what materials you'll need and the importance of communication among family members. The IVN presenter will be Gary Goreham, professor of rural sociology in the Department of Sociology and Anthropology at NDSU.
Session 2 will cover farm business arrangements, including the pros and cons of different types of business organizations for farmers and ranchers in North Dakota.
Session 3 will address farm succession planning, and tax and economic consequences of asset transfer strategies. The IVN presenter for both sessions 2 and 3 will be Andy Zenk, agribusiness consultant, AgCountry/Farm Credit Services, Grand Forks
The early bird registration fee is $55 for individuals and $15 each for spouses or business associates (up to two additional) if postmarked by Feb. 2, 2012. After that date, individual registrations will increase to $75. Registration fees include materials and refreshments.
For registration information, contact the Extension agent at the site you wish to attend. Registration forms, as well as online registration, also are available at http://www.ag.ndsu.edu/anniesproject. Click on Farm/Ranch Transition Planning, then the Transition Planning Registration Form at the bottom of the page. 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 county Extension office for the site you wish to attend or Huot at (701) 780-8229 or willie.huot@ndsu.edu.
