What will happen to the family farm if something happens to you? The answer may not be as simple as you think. Farm transition planning is important — according to some sources up to 70 percent of farms in the United States will change hands in the next 20 years.
To help ensure that the future of your farm is secure, the West Virginia University Extension Service will present a series of webinars that will benefit everyone, from those who just need an annual review of their plan all the way down to those who need to start planning.
According to organizers, generational planning is a difficult task that requires a multi-step management plan. A variety of subject matter experts will address the basics week by week of the complex issue for those participating.
The free, weekly classes will take place on Thursday evenings starting on Oct. 20 and will run through Nov. 17. Those interested in accessing them may do so by logging on to the go to meeting site.
A variety of topics and speakers who can offer unique perspective on the subject are slated to explore the topic in depth. The schedule is as follows:
• Oct. 20 — Introduction, communicating and family meetings
• Oct. 27 — Titling of property and heirs property
• Nov. 3 — Estate planning
• Nov. 10 — Business entities and agreements
• Nov. 17 — Planning for retirement
“It’s a conversation that needs to be started about a serious topic that may be undesirable to think about, but it vastly affects not only heirs and family members, but also community stakeholders and business partners,” said WVU Barbour County Extension Agent Josh Peploski. “It takes time to develop a successful plan and to define everyone’s roles when it’s time for the next generation to take over.”
The Tucker County Extension Office will be open for all those who would like to participate and do not have access to the internet. Sessions will run from 6:00pm to 8:00pm.
The WVU Extension Service provides educational opportunities to local communities through offices in all 55 West Virginia counties. WVU Extension Service’s programs are accomplished in partnership with individuals, families, businesses, civic groups and governmental organizations statewide and throughout the nation.
To learn more about WVU Extension programs, visit www.ext.wvu.edu, or contact your local office of the WVU Extension Service.
