Farm and Business Succession Workshop

Date: March 12, 2013
Time: 10 a.m.-3 p.m.
Location: Fremont Area District Library, 104 E. Main St., Fremont, MI 49412
Contact: Ottawa County MSU Extension office, 616-994-4540,

Family-owned business operations and farm families are faced with challenges when it comes to succession and estate-planning issues. Often they are not sure how or where to turn for answers to complex legal and financial matters.

This workshop is designed to provide a forum where business and farm owners can meet with experts in the field of succession and estate planning specific to farm- and small-business operations. Discussions will include estate tax law changes, business structures to facilitate transfer, family communications, management functions and transfer, uses of balance sheets, and who may help with your transfer plan.

The program is hosted by MSU Extension dairy educator Kathy Lee and will feature presentations from MSU Extension educators Roger Betz and Adam Kantrovich.

Pre-registration is required. The cost of the workshop is $50 per person which includes the Farm Succession Planning Book. Each additional person from the same family or company will be charged $35. Registration fee includes lunch and break refreshments. Registration deadline is March 8, 2013. Checks should be made out to “Michigan State University” and should be mailed to: Ottawa County MSU Extension 12220 Fillmore St., Suite 122 West Olive, MI 49460

Informational Brochure and Registration

Program Agenda

10 a.m. -- Welcome and Overview

Estate and Gift Tax Law Update

  • Exemption change
  • Long-term outlook

Financial Situation

  • Business
  • Family needs

Encouraging Family Members to Resolve Issues

  • Visions, expectations & goals
  • Getting over hurdles to successful transition

Management Functions

  • What areas exist in your farm/business
  • Transferring responsibilities

Business Organization/Structures

  • Corporations, LLC, partnerships, etc.
  • Operating entities
  • Land holding company
  • Uses of trust
  • Transfer strategies, legal structures
  • Methods of treating non-farming heirs equitably

Executing Your Plan

  • Who is on your team
  • Professional and legal guidance
  • Develop legal documentation

Resources—People, Materials, Web Sites

3 p.m. -- Adjourn

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