Succession Planning: Investing in Your Farm’s Future

This Succession Planning Workshop (four-part series) meets every Tuesday afternoon  Jan. 12 – Feb. 2, 2021.
All sessions run from 1:00 p.m. to 2:30 p.m.

Each year, the average age of principal farm operators continues to get just a little bit older. Many of these principal operators may not have developed a succession plan, or even developed an estate plan.
Join specialists from the University of Delaware Extension and
the University of Maryland Extension as they help prepare you for this process.

>>> CLICK HERE TO REGISTER <<<

  • Introduction of Topics and Retirement Planning – Tuesday, Jan. 12, 2021
    Maria Pippidis, (University of Delaware), Jesse Ketterman (University of Maryland)
    We often think that succession planning can happen “later” because it is just some paperwork… But in reality, it can take time, communication, and calculations to create the future you want.
    In this session, we’ll review a succession planning checklist, delve into understanding what it will take to retire financially and identify some business smart ways to save for retirement. Moderator: Laurie Wolinski

 

  • Health Insurance in Later Years – Tuesday, Jan. 19, 2021
    Maria Pippidis, (University of Delaware), Jesse Ketterman (University of Maryland)
    Understanding healthcare options in your senior years can be difficult and confusing. This workshop reduces confusion and helps consumers understand Medicare,
    supplemental care, and long term care options. Moderator: Paul Goeringer

 

  • Business Planning and Communication – Tuesday, Jan. 26. 2021
    Laurie Wolinski (University of Delaware), Kay Megan Washington (Maryland Department of Agriculture)
    Investing in your farm’s future takes planning. Following a well-thought-out farm management plan provides a family with information about the farm’s financial stability and as well as provides a set of objectives from which to manage (for example decision making or division of responsibility) the farm on a day-to-day basis. Additionally, a good farm management plan provides insight into the value of the business and can be used as a strategy for growing a business. As Yogi Berra once said, “You’ve got to be very careful if you don’t know where you’re going because you might not get there.”Most people want to avoid conflict and potentially stressful situations: it’s human nature. People often find it easier to put off communicating something they think will be controversial or turn out badly. Discussing one’s plans for what should happen leading up to and after one’s death can fall squarely into that category. However, by following some simple guidelines and careful planning, communicating about transition planning can become more manageable. Moderator: Mayhah Suri

 

  • Legal Topics, Planning Tools and Finding the Right Team – Tuesday, Feb. 2, 2021
    Mayhah Suri (University of Maryland), Paul Goeringer (University of Maryland)
    Now comes the time to start thinking about possible tools and understand the tools that will be used in your possible estate plan and succession plan. At the same time, many of you may struggle with how to select team members to help you develop these plans. This session will cover SMART goal setting, examples of farm diversification, farm succession, and estate planning tools, how to interview your team and wrap up. Moderator: Maria Pippidis

>>> CLICK HERE TO REGISTER <<<