Bringing family members into the farm business and passing the farm from one generation to the next can be the best - and worst - of times. To help families develop a plan to suit their operation, K-State Research and Extension and the K-State Farm Analyst Program will again host "Keeping the Family Farming" workshops in January, 2009.
The topics to be addressed include: Understanding Tax Repercussions and Legal Issues in Selling and Transferring Assets; Comparing Business Entity Options; Estimating Financial Needs in Retirement; Evaluating Strategies for Transferring the Family Farm; Making Explicit Plans; Determining your Current Financial Situation; and Being Aware of the Potential for Conflict and Identifying Ways to Resolve it.
"This year, we will have meetings in three locations, with a maximum of 20 to 25 families in each location," said LaVell Winsor, who is with the Kansas Farm Analyst Program. "We´ve restructured the meetings to be two one-day meetings, about two weeks apart and they will be held in more southern parts of the state than the previous sessions."
The workshop dates and locations include:
* Fri., Jan. 2 and Sat., Jan. 17 - Chanute
* Fri., Jan. 3 and Sat., Jan. 16 - El Dorado
* Fri., Jan. 10 and Fri., Jan. 30 - Garden City
"At the end of the meetings in each location, the families will have the option of meeting with someone from the Farm Analyst program to review their personal situation," Winsor said.
The cost for the two-day session is $225 per family of four, if paid by Dec. 15, plus $75 for each additional participant. The cost per family of four after Dec. 15 is $300. The fees include all materials, two lunches and one evening meal.
More information on the "Keeping the Family Farming" Workshops is available online at http://www.agmanager.info (click on Upcoming Events) or by contacting Lavell Winsor at 785-313-4974 or [email protected].