New England “Transfer the Farm” Workshops.PPT

New England “Transfer the Farm” Workshops Bob Parsons Deb Heleba University of Vermont Regional Support Project With…. Northeast Center for Risk Mgmt Education Extension of Vermont, Maine, New Hampshire, and Connecticut Land Link – New England, Vermont, and Maine Cooperating attorneys Workshops held in 5 New England states Ongoing for past 3 years Need for Farm Transfer Assistance Crosses State Lines Survey - major concern of 40% of Vermont dairy farmers Complicated by high real estate values – MA, CT Concern in region to preserve farmland Conservation easements, Development rights Complex – 2 different issues Estate Planning Business transition Workshop Agenda for Workshop Communication and setting goals Retirement, estate business basics Nuts bolts – Legal aspects methods Creative alternatives First-hand experience Communication – Important Piece Speaker – Counselor who concentrates on farm families Stress the need of talking with family Not necessarily agreement Approach the goals of each generation Each generation defines there goals Aligning goals with farm situation Retirement Transfer Basics Overall view of issues Retirement planning Determining your estate Implication of taxes Methods of transferring assets Business organizations Business transitions Legal Aspects of Transfers Attorney with ag estate experience Probate, estate, and taxes Wills, inheritance, heirs Protecting assets Picking right business structure Conflict of interest between generations FREE QUESTIONS FOR LAWYER! Creative Alternatives Sell development rights Selling conservation easement Land Link – bringing in non-family member First Hand Experience Farmer panel who have implemented plans Valuable to hear from experienced family Give success and horror stories Provides insight on family approaches Gives courage to move on topic Who Attended…… 5 states - 228 ’03, 252 ’04, 163 ‘05 Age distributed: 13% 35, 29% 65 59% male, 41% female 64% sole proprietor, 20% partnerships 67% ha