PPT-Planning The Future of Your Farm Farm Asset Planning and Transfer

Farm Asset Planning and Transfer Andrew Branan JD Assistant Extension Professor Department of Agriculture and Resource Economics North Carolina State University rabrana2ncsuedu This Lawyers Observations. Introduction . Part One. Transition Planning. Course Objective. Create and implement an overall strategy to move the farm or ranch business from one generation to the next.. By developing the knowledge and skills necessary to begin a conversation leading to the development and implementation of a farm/ranch transition plan. . What Is Your Retirement Fantasy?. Who Are You?. A. “Here are the keys and the farm checkbook kids. We’ll call you from Florida.”. B. “We’re ready for a break from the labor….but we’re not quite ready to retire, we’d like to get to full retirement to maximize social security, but that won’t be enough.”. Part . One. The Balance Sheet. Managing for Today and Tomorrow. Agenda. Financial Terminology. Balance Sheet (net worth statement). Balance Sheet Activity. Income Statement. Cash Flow. Trend Analysis. Presented by Bill Wiebe, CPA, CA. Tax Partner. (2017/01/25). Farm transitioning is the process of transferring the farm business to . either the . next generation or . to unrelated parties.. Today we . The Legal Architecture. Andrew Branan. Lawyer. The Branan Law Firm, PLLC. www.brananlaw.com. andrew@brananlaw.com. This Lawyer’s Observations. Try not to give your heirs undivided interests in land. 1. Destructive Agriculture Practices. 2. Farmers are moving into the city. 3. Climate Change and unpredictable weather patterns. Primary Production Department (PPD). 20,000 farms. 25% of the land (14,500 ha). Paul Dietmann, Emerging Markets Specialist. Badgerland. Financial. But Local, Buy Wisconsin Webinar. March 14, 2013. 2. To get a copy of this presentation, go to badgerlandfinancial.com and click on “Conference Presentations”. The Legal Architecture. Andrew Branan. Lawyer. The Branan Law Firm, PLLC. www.brananlaw.com. andrew@brananlaw.com. This Lawyer’s Observations. Try not to give your heirs undivided interests in land. 1-800-942-2474. datcp.wi.gov. Weather disasters. Feed shortages. Swinging prices. Fluctuating margins. Unstable economy. Off farm job options. Working with family. Living where you work. Chronic Stressors. The Fundamentals of Good Practice. Peter L. Nuthall. Chapter 11. Anticipation and Looking Ahead Skills . Recognize why anticipatory skills are essential to good management. .. Learn about becoming creative and the methods used to enable this, and so the ways to break out of the norm. Other Estate Planning Tools. Megan Harris-Pero, Esq.. Harris-Pero Legal Counsel, PLLC. Saratoga Springs, New York. www.HPeroLegalCounsel.com. The Waiting Room. www.HPeroLegalCounsel.com. What Is the Estate Plan For?. Ministry of Finance. Republic of Palau . http://www.palaugov.net/stats. Integrating Agriculture Questions into a P & H . Census. Census 2005 and . Ahead. Farm Survey (2011). Opportunities. Outline. AAE 320 . Paul D. Mitchell. Agricultural & Applied Economics. Learning Goals. How to calculate and interpret common Financial Ratios for Liquidity and Solvency. Develop an awareness of typical financial ratios by farm type. Paul D. Mitchell. Goal. How to construct and interpret . common . Financial Ratios for Liquidity and Solvency. Present typical . ratio values . by farm . type. Current Ratio and . Debt:Asset. Suggestions for where .