This presentation will share information on the “Passing on the Family Farm” workshops developed and taught by Extension Educators in Ohio during 2016-2017. The Educators will share the teaching presentations, participant curriculum, and family estate planning summary document which were developed and utilized for a series of one day and intensive two day farm succession workshops . The workshops were designed to help all members of the family business answer nine critical farm transition planning questions. Participants learned how to develop a farm succession plan and how to increase the management skills of the next generation. The workshop sessions challenged family members to honestly communicate with one another when planning for the future. Participants also learned about business organization structures and strategies, how to treat on-farm and off farm heirs, how to equitably transfer assets, how to plan for adequate retirement income, and how buy-sell agreements, trusts, LLCs and life insurance can be utilized in transition planning. Over 1,738 Ohio producers attended the workshops at 35 different locations. The Educators will share results of the program evaluations and provide tips for others who desire to develop farm succession workshops for their clientele.
|Conference||2017 Extension Risk Management Education National Conference|
|Presentation Type||30-Minute Concurrent|