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Machinery Sharing, An Option in Farm/Ranch Transition Planning

Ron Haugen

Summary

As a result of a Risk Management Education Grant and other resources, the North Dakota State University Extension Service provided an educational effort discussing farm and ranch machinery sharing and transfer of ownership.

In 2010 and 2011, nineteen farm/ranch transition workshops were held throughout North Dakota. Total attendance was 389 including couples and families. Some were previous attendees of Annie’s Projects. All facets of farm and ranch transition and estate planning were discussed including machinery sharing and transfer of ownership.

Machinery sharing could be a vital part of a transition plan. Sharing machinery is a good way to spread risk, share capital investment and provide a way to transfer ownership.

The objectives of this aspect of the workshops were to educate participants on ways to share machinery costs including operating costs, repairs and capital payments; and ways to transfer ownership. Transfer methods include outright sales, installment sales, leases and gifts. Examples where shown and tax consequences were demonstrated. Because of the workshops, greater than ninety percent of participants indicated an increased knowledge and confidence in developing their own transition plans.

The presentation to the Extension Risk Management Education’s Women in Agriculture Educators National Conference includes an overview of presentation materials and a description of the workshops. Educators could use the information and adapt it to their own region.

Details

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