Farm & Ranch Summit: St. CloudTuesday, May 16, 201710:00 AM - 2:00 PM ProgramSt. Cloud, Minnesota
FARM SUCCESSION PLANNING REQUIREMENTS• It is never too early or too late to start.• Careful visioning and goal setting. This requires patience and good communication between all stakeholders.• A thorough evaluation of the senior generation’s retirement needs and the formation of a retirement plan• Honest appraisal of the value of the business and careful transfer of business management and operations to the younger generation• Appraisal of the land and other assets, and careful estate planning to successfully pass on ownership while fulfilling the senior generation’s wishes to treat heirs fairly while managing taxes.PROFESSIONALS NEEDED AND THEIR ROLES• An accountant or CPA to advise on financial and tax management, • An agricultural appraiser to value the farm business and property, • A lawyer to assist with the estate planning and legal documentation, • A moderator or facilitator to ensure honest and respectful communication and shared understanding of the goals and wishes of each generation.• There are also consultants and organizations that specialize in family dynamics, family meetings, and financial planning that can help the process proceed smoothly.A SUCCESSFUL FARM TRANSFER AND ESTATE PLAN • Transfer ownership and management of the agricultural operation, land and other assets;. • Avoid unnecessary transfer taxes (income, gift and estate).• Ensure financial security and peace of mind for all generations; Develop the next generation’s management capacity.• Transferring management responsibility- How quickly or slowly from one generation to the next.• How a Trust may provide financial security for surviving spouses, children and grandchildren.• Beginning Family Farmers: Setting up your corporation, Getting Capital, Budget, Cash Flow SELLING TO A NON-FAMILY MEMBER OR CORPORATION• Selling Assets- Crops, Fertilizer, Seed, Supplies, Raised Livestock, Breeding Livestock, Mineral Rights, Equipment• Ranch House Section 121, Buildings, Section 1245 & 1250, Irrigation/Water rights Section 1245, Land- Capital Gains• Inheritance Tax , IRC Section 1031 Tax-Deferred Exchange , IRC Section 664- Charitable Remainder Trust• Real Estate made of multiple, separate deeded parcels• Hobby Farm or Ranch versus Working Farm or Ranch
Farm & Ranch Summit
Tuesday, May 16, 2017 10:00 AM - 2:00 PMCentral Time
St. Cloud, Minnesota USA
Real Estate Summits
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