Success StoryFarm Transition
Farm Transition
Author: Patrick Hardesty
Planning Unit: Taylor County CES
Major Program: Recovering Your Finances
Plan of Work: Family, Community and Financial Stability
Outcome: Intermediate Outcome
A Farm Transition Meeting was held because of discussion in the Taylor County Extension Council Meeting on transitioning farmland and other assets to the next generation.
Approximately 90 participants learned how to identify needs and goals, how to communicate to heirs, who to include in the succession plan, asset-based considerations and farm succession resources.
As a result of the meeting, a participant stated that after meeting with the financial advisor, he and his son saved over $70,000 by restructuring.
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