Farm accidents, cancer, disability, heart attacks, failing health, and death are all words farmers do not like to hear. Farming is the nation’s second most dangerous occupation in the United States. This combined with the aging farm population, could mean that your farm business might lose one of its key managers un-expectantly. Is your farm ready for the unexpected? Have you prepared the next generation to run your farm business after you are gone?
Getting Your Farm & Family Affairs in Order
To help address the “ah-crap” moments caused by the unexpected, OSU Extension is pleased to be offering a webinar workshop, titled “Getting your Farm & Family Affairs in Order.” This webinar is open to farmers across the country and will be held three times. Farm Families are encouraged to choose the one which works the best for their family. These webinars will be held on:
Saturday, December 14, 2013 from 12:00 noon to 1:30 p.m. EST
Wednesday, December 18, 2013 from 7:00 to 8:30 p.m. EST
Thursday, January 9, 2014 from 7:00 to 8:30 p.m. EST
David Marrison, OSU Extension Educator & Associate Professor will be the featured speaker for the webinar. Learn how to develop an emergency contact list for your farm and how to develop letter of instructions to your their heirs regarding their financial matters. Learn how to consolidate all of your financial and personal information (real property, savings & investment accounts, legal documents) in one easy document. This will help you get a better handle on your finances and allow you to get a jump start on your estate plan. Learn the “opossum approach” to checking to see if your heirs are ready to run the farm business. Take time to organize your financial matters for your peace of mind. This program will save you hundreds of dollars as you plan develop your succession, retirement, and estate plans. Get your affairs in order so you can concentrate on your family, career, and bucket list!
No pre-registration is required and producers can attend by logging on to: http://carmenconnect.osu.edu/ohioagmanager/ Participants are encouraged to test their computer systems out by logging onto the web site before the program. More information about this program can be obtained by contacting David Marrison at firstname.lastname@example.org or 440-576-9008
Transitioning the Farm Business
- Conducting a SWOT Analysis of Your Agricultural Business (pdf only)
- Conducting Successful Family Business Transition Meetings (pdf only)
- Develop a Useful Mission Statement for Your Agricultural Business (pdf only)
- Developing Goals for the Agricultural Business (pdf only)
- Developing the Next Generation of Managers (pdf only)
- Planning for the Successful Transition of Your Agricultural Business (pdf only)
- Starting, Organizing, and Managing an LLC for a Farm Business (pdf only)
- Tax Characteristics of Business Entities Available to Ohio Farmers (pdf only)
- Using Liability Limiting Entities to Manage Liability Exposure for Ohio Farms (pdf only)
- Is a Prenuptial Agreement Right for Your Farm Business? (pdf only)
Whole Farm Planning Model (pdf only)
Estate Planning Factsheet Series
A series of fact sheets that covers issues related to estate planning. Click on each link to learn more.
Purdue University's Retirement Calculator
Are you interested in learning more about how much money you will need for retirement. If so, click here to access Purdue University's On-Line Retirement Estimator for Farm Families. This calculator will help you calculate your retirement income needs. .