Working and living in a rural community, we all understand the importance of the family farm. For those that are involved, the importance runs a little bit deeper. You understand that it is not just a tradition in your family, but it is a way of life. Like all things, farming has changed. There was a time where the farm was simply passed down to the next generation. Today that is not the case. It is now more important than ever to treat the family farm like the business it is. Farming is an expensive business, and one that many people don’t start on their own, but instead inherit it. The successful succession of the farm is key for all of the parties involved.
When we talk about passing on the farm, the two “buzz” words we hear are Succession Planning and Estate Planning. While they both involve planning, they are two very different things. They both involve planning that needs to be done ahead of time, and not on the drive to the cemetery. We all have an Estate. It might be a house, vehicles, or personal belongings. We have them, and the passing of them on to people or charities is important. Succession planning, as it relates to our family farms, is the issue of keeping an estate together and allowing for future generations, related or not, to continue to farm and ranch on the same land, with the same equipment, or managing the same herds. While there are as many variations to setting up a succession plan as there are people involved, having a plan in place for the next generation is essential. Once this is set up, review your plan every 3-5 years as laws and circumstances change.
The next Women on the Farm Workshop will cover both Succession Farming and Estate Planning as well as transferring non-titled property that may have sentimental value. The workshop is set for Saturday, April 2, starting with registration at 9 a.m. at the Hass Building located at the Pawnee County Fair Grounds in Larned. The agenda for this workshop is as follows: Who Gets Grandma’s Yellow Pie Plate (non-titled property) at 9:30 a.m., then Succession Farming at 11 a.m., and then finishing with Estate Planning 101 at 1 p.m. A lunch will be served.
Erin Petersilie, Agent with K-State Research & Extension, will be going over the transfer on non-titled property and how we can work with family members so that they can still eat Thanksgiving dinner together.
Dr. Gregg Hadley, Extension Specialist, will be discussing Succession Farming- Passing on the Family Farm-Steps to a Successful Transition. He will be working with participants on how to create a plan and tips for success.
Forrest Buhler, Attorney for Kansas Ag Mediation Services, will cover the Basic Estate Planning Concepts for Farm Families-Transitioning the Family Farm-Initial Considerations. He will cover how to get started, set objectives, select estate planning team and how to implement.
This workshop is for the entire farm family and all of those that will be involved in the transition. Knowing what direction you want to go and how to get there is important for your family. Passing on a tradition in family farming is big step and having all the plans made ahead of time helps to take the stress away for everybody involved.
Pre-register on our face book page Women on the Farm or with Rush County Conservation District at 785-222-2615 Ext. 101 by March 30th.
The next workshop will be July 12, at the Rush County Extension Office and the focus of this workshop will be “Harnessing the Power of Excel” by Rich Llewelyn, Extension Assistant, Dept. of Agricultural Economics, KSU.
Alicia Boor is the Agriculture and Natural Resources agent for Barton County K-state Research and Extension. One can contact her by email at firstname.lastname@example.org or calling 620-793-1910