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When folks hear the term “estate planning,” what comes to mind for many is a vision of a casket and a document with the word “Will” written across the top. But organizing an estate is far more than just a will and funeral arrangements.
The process of putting all the pieces together that make up a generational transition plan can yield immediate financial benefit as well as provide peace of mind.
Wednesday, Feb. 22, is an important opportunity for any family that owns farm real estate and considering the future of their farm. Virginia Cooperative Extension will offer a day-long seminar on family farm transition led by Dick Wittman, a renowned expert and consultant on family farm business transition. The seminar will be held at the Plecker Center of Blue Ridge Community College in Weyers Cave.
To attend, you can register online at https://tinyurl. com/2023vafarmtransition or call Crysti Hopkins at (540) 9673422 or Rachel Henley at (804) 598-5640.
This workshop will be of interest for folks who are facing many different scenarios when it comes to transition. Some farms hope to transition ownership and management to the next generation successors while others do not have heirs. How do owners get “out of the way” but “not go away?” Participants learn about transition strategies that can be adapted to a multitude of scenarios. A case study workshop will immerse participants in real-world transition scenarios that will provide take-home experience and build confidence in how to move forward with their own plans.
For many families, the most difficult part of planning a generational transition is talking about it with the heirs and other connected people. These are most often close family members, and planning the transition of farm real estate often means talking about uncomfortable subjects such as disability that comes with aging, annual incomes and debt load. But these discussions can be an important opportunity for families to express appreciation for one another and strengthen or renew relationships. It’s not easy, but carefully planning for the future and expressing one’s goals and priorities could be the most important thing anyone can ever do for their farm or forest land.
