WEST CHESTER – The decisions involved in the process of planning for the succession of a farm business from one generation to the next or from one owner to another are among the most critical set of decisions that a farm manager can make in his or her lifetime. Issues such as planning for the transfer of business decision making responsibilities, managing the impacts of estate, inheritance and capital gains taxes, and deciding how to divide farm assets among multiple heirs can be difficult for most farm managers to work through. The ability of a farm to continue through the generations depends, in part, on the development and implementation of a sound and detailed farm succession plan.
The Agricultural Entrepreneurship Team of Penn State Extension will present the “Farming through the Generations” webinar series, starting March 10. This webinar series is designed for farm owners and their family members, as well as others with an interest in the successful transfer of farm businesses from one generation to the next. Participants will learn the key ingredients of a farm business succession plan, and how to develop and implement such a plan. The instructors for this program are individuals who are familiar with the legal issues, tax consequences, family concerns and farm profitability issues that farm families in Southeastern Pennsylvania must consider every day. Instructors will be Penn State Extension Educators and Specialists and members of private industry.
The webinar series will consist of seven one-hour webinars. Participants will have the opportunity to do ‘homework’ between sessions to practice the skills learned during each webinar, and submit the homework to instructors for feedback. The cost to participants for this program is $100 for the entire series of seven webinars.
Advance registration is required. To register online or for more information on the program, refer to the following website: http://guest.cvent.com/d/jdqghl. Registration is available by phone by calling 1- 877-489-1398 (toll free). For more information about the program, contact Keith Dickinson in the Penn State Extension Office in Chester County, at 610-696-3500, or by email: firstname.lastname@example.org. This workshop is presented by the Agricultural Entrepreneurship Team, a Penn State Cooperative Extension initiative.