Farm Succession and Estate Planning Workshop, Part 3
Monday, January 18th, 2016 -- 1:07 PM
-The Clark County UW-Extension, along with Lincoln, Marathon and Taylor County UW-Extension and AbbyBank, is bringing a Farm Succession and Estate Planning Workshop to the Abbotsford City Hall on February, 4th.I spoke with Nancy Vance, Family Living Agent, Richard Halopka, Crops and Soil Agent, and Melissa Kono, CNRED Agent, about the workshop. Richard explained why a workshop like this is important.
Richard: "When you look at agriculture in Wisconsin, we're very fortunate. Across the U.S., the average farm ownership is probably greater than 58-years-old. In Wisconsin, it's about 54; a little bit less. There's a great challenge or need to make that transition from the older generation to the younger generation."
"Compared to the 1940's, 50's and 60's, the biggest challenge is the size and volume of dollars that is required to make that transition. An average farm today can be a half a million to a million dollars, very easily. And I think it's that first initial, like when you buy a new vehicle, that sticker shock that hits these people."
"So, we're looking at some different avenues. A lot of farms may not have a family member interested in farming and this is an opportunity to maybe make some connections with a younger generation that may be looking to work into a situation."
"We're trying to get some of this older generation to realize that you're not always going to be able to do the day-to-day chores. It's just those kind of things, things down the road, at what point are you ready to give up the keys to the farm?"
Coming up on Tuesday, we'll hear how the UW-Extension wanted this program to also help build healthy family relationships.
For More:
Part 1: http://cwbradio.com/news/?fn_mode=fullnews&fn_id=15797
Part 2: http://cwbradio.com/news/?fn_mode=fullnews&fn_id=15806
Feel free to contact us with questions and/or comments.