Take Root Farm Succession Planning Conference set for February 18  in Grand Rapids

Worried about passing your farm to the next generation?  Trying to figure out how potential tax law changes will impact you?  Do you need a refresher on the steps to complete for your estate plan?

Michigan farmers are invited to the Take Root Farm Succession Planning Conference, co-hosted by the Michigan Wheat Program and 11 other commodity groups and ag service agencies lead by Michigan Farm Bureau.

The full-day conference includes presenters from Foster Swift Law Firm, Varnum Law Firm, Fraleigh Law, accounting firms, and others.  The headline presenter will be Jolene Brown, a popular farm succession planning consultant from Iowa that provides practical guidance on how to lead a farming operation through this process.

Breakout sessions include:

Estate Planning Essentials
Maximize and preserve wealth during lifetime; Transfer wealth at death to intended recipients; Minimize estate administration expenses; Reduce or defer taxes; Property Ownership; and Avoid conflict among family members.

Succession Planning for Ag
Farm Transfer Factors & Strategies; Distribution Issues with Farming and Non-Farming Beneficiaries; Buy/Sell Agreements; Choosing the Best Business Structure; and Building a Management Team; Communication.

Farm Estate Tax Planning
Review of current estate tax system; Structures for farm transitions; Using estate tax rules to create tax benefits; Structures to reduce and or eliminate estate taxes; and Common Pitfalls to avoid in Estate and Succession Planning.

Forming and Operating LLCs
Analyze the decision-making process for determining if you need an LLC to help protect your business or assets.  In addition to helping you understand the use and benefits of LLC formation, this presentation will provide you with valuable information needed to form, file, and create an LLC – helping your lenders and insurance agents to easily identify new operations.  Discuss and talk through the items that should be considered when operating a new LLC and get the maximum benefit from establishing the new business.

Medicare Made Easy
Are you planning to retire soon? Are you or a family member turning age 65? Medicare can be confusing. It’s easy to miss important information and make a wrong choice that can cost you thousands of dollars down the road. Come to this session to learn the A,B,Cs (and D!) of Medicare from our Medicare expert. No products will be sold here. This is strictly educational.

Managing Your Assets
Greenstone Farm Credit Services and PNC

Large Farms and Multiple Operations—How do you structure your growing business?
Now you have multiple operations, and multiple generations of family members.  You have farm employees and managers.  You have grain elevators, livestock, trucking, real estate and cropping, all run independently.  You do contract work for other farms and agribusinesses.  What structure should you be moving to?  Should you do it all at once or in stages?  What are other companies doing?

Estate Planning and Life Insurance Options
Farm Bureau Insurance

This conference is loaded with specialists!  Mark your calendar for February 18, 2022, and watch for more details.  If you have questions or want to reserve a spot ahead of time, please contact April Cantrell, [email protected].