Newly updated fact sheets on transferring farm ownership and estate planning are now available from the University of Minnesota Extension Service.
“Preparing to Transfer the Farm Business” is the first of 10 fact sheets in the farm transfer series. Other topics include farming together as a transfer strategy, using partnerships or corporations, transferring livestock and machinery, whether to sell real estate, gifting farm assets, tax considerations, treatment of heirs, financial help for beginning farmers and written transfer plans.
Topics for the 10-part estate planning series include estate planning principles, establishing a will, distribution of estate assets, gifting assets, trusts, income tax issues, life insurance in estate planning, disposing of personal and household items, and steps in estate settlement.
All 20 fact sheets are available at: http://swroc.coafes.umn.edu. When you're there, look under Outreach and click on Farm Business Management.