Collegeville Workshop Covers Farm Succession Planning

COLLEGEVILLE PA – Keeping the family farm in the family, or determining how and to whom it will be sold if the family isn’t interested, are among the topics of farm business succession scheduled to be discussed during a day-long workshop planned for Nov. 17 (2010; Wednesday) from 9:30 a.m. to 3 p.m. at the Montgomery County Cooperative Extension Office, 1015 Bridge Road, Collegeville PA.

This event has been added to The Post calendar.

The Agricultural Entrepreneurship Team of Penn State Extension will conduct the workshop locally and use video-conference technology to simultaneously deliver it to other locations. Its instructors are familiar with legal issues, tax consequences, family concerns and farm profitability issues that farm families in Pennsylvania must consider every day.

Decisions involved in planning for the succession of a farm business from one generation to the next, or from one owner to another, are among the most critical a farm manager can make in his or her lifetime, according to agricultural business management educator Keith Dickinson. Transferring business decision-making responsibilities; managing the impacts of estate, inheritance and capital gains taxes; and deciding how to divide farm assets among multiple heirs can be difficult.

The seminar costs $25 per person and includes a meal and program materials. Advanced registration is required. For more information, call Dickinson at 610-696-3500.