Managing for today and tomorrow: Farm transition planning

It?s hard to talk about passing on the farm. ?Managing for Today and Tomorrow? is for farm women of all ages who want to plan now for a successful transition later.

Through this five-session program, farm women will learn about the four components that create a successful transition ? succession, business, estate and retirement planning.

Succession planning transfers knowledge, labor, management and ownership over time. Explore communication barriers that hold back succession planning. Understand the difference between fair and equal.

Business planning determines what makes up the farm business and intentions for the future. Understand why personal and farm finances are important for business management, succession and retirement. Learn how a business plan can be used for farm business development and /or transition.

Estate planning reflects the intentions of the established generation. Understand key estate planning terms, tools, and concepts. Begin assembling estate information.

Retirement planning prepares the established generation with the means and desire to hand over responsibilities. Develop individual retirement definitions and goals. Investigate retirement options and explore sources of retirement income.

The sessions will be conducted by ISU Farm Management Specialist, Ryan Drollette. The program will be held at the Washington County Extension office in Washington beginning on Tuesday, Jan. 27. A light meal will be served at 5:30 p.m. and the program begins at 6 p.m. There is a cost of the sessions, which includes course materials and meal.

The sessions are limited and pre-registration is required. For more information or to register, go to www.aep.iastate.edu/annie or contact Washington County Extension at 319-653-4811.