Time for a Change on the Family Farm. Oklahoma State University. J.C. Hobbs, Area Extension Agricultural Economics Specialist Lori Shipman, Extension Associate. National Extension Risk Management Conference March 26-27, 2003. History. Organized advisory council. Objectives Scope
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Oklahoma State University
J.C. Hobbs, Area Extension Agricultural Economics Specialist
Lori Shipman, Extension Associate
National Extension Risk Management Conference
March 26-27, 2003
Transfer farm business and other assets to those that we want to have them and make sure the transfers maximize the estate tax benefits.
Provide a general overview of estate planning tools and transfer issues plus explain the estate tax laws.Estate Planning Issues
Create financial statements for understanding and financial management planning.
Intensive Financial Management and Planning Support (IFMAPS)
Integrated Farm Financial Statements (IFFS) software
Proactive planning for retirement or adding a second generation.Financial Inventory
Pensions and retirement plans
Sale or lease real estate and assets
Determine a retirement lifestyle.
Farm workRetirement Income
Outright sale of the business assets
Installment sales contracts
Gifting of assets
Combinations of these alternatives
Discuss pros and cons of business organization types.
Partnerships, LLCs, corporationsShifting Ownership & Asset Transfer Alternatives
Determine an equitable share of the income for each party.
Discuss the transfer stages.
Testing - Commitment - Establishment - WithdrawalShifting Control &Compensation
Understand the risks, costs, and growth of investing.
Read, read, read
Teach “save early, save often and invest wisely”.Investing Off-Farm
Accountant, tax preparer, CPA
Prepare to interview the advisors for selection.
If it isn’t working – Change advisorsAdvisory Team
Include the appropriate adult family members
Develop an understanding of family member personalities and communication styles.
Personality I.Q. (True Colors)Communications
37 families (approximately 73 people)
High marks for delivery and topics
Participants mark that they intend or strongly intend to use the knowledge they have gained in their plan
One former participant stated, after the death of a spouse: “The transition was traumatic, but it was much smoother than it could have been, because they had attended the Time for a Change program.”Impact
For more information contact: