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Eastwood Bank and Eastwood Bank Trust Services have joined with the University of Minnesota Extension Service to present "Farm Transition & Estate Planning: Build Your Exit Strategy." This full-day workshop is filled with practical information and strategies to help farm families begin the process of transferring the farm business to the next generation.
In "Farm Transition & Estate Planning: Build Your Exit Strategy," participants get a greater understanding of transfer strategies, tax issues related to the transfer process, discuss methods for treatment of heirs in the transfer process, as well as how to go about developing a written transfer plan. As part of the workshop, participants will be given time to complete worksheets related to the application of different transfer strategies as well as listing personal, family, and farm business goals. The result is the beginning of a farm business transfer plan.
Estate planning is a crucial part of the transition process as well. The workshop also includes a discussion of wills and trusts, life insurance, power-of-attorney, long-term health care issues, and more. This information will help to complete the transfer plan.
"Farm Transition & Estate Planning: Build Your Exit Strategy" is scheduled for Thursday, February 23, 9:30 - 3:30 at the Ramada Hotel and Conference Center, 1517 16th Street SW, in Rochester. The workshop is free, but space is limited. To pre-register for the workshop, contact Duane Klein or Bill DeBruyckere at 507-689-2151.
The workshop is sponsored by Eastwood Bank and Eastwood Trust Services in cooperation with the University of Minnesota Extension Service.
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