Estate Planning

Join OSU Extension for Annie’s Project series this fall in Chillicothe, OH in Ross County.

Annie’s Project is an educational program dedicated to strengthening women’s roles in modern farm enterprises.

This 6-week workshop focuses on five key areas of risk management: human, financial, marketing, production, and legal. Women learn about argi-business practices from experts in their fields. They also form valuable networks with others in the class.

Registration http://go.osu.edu/rossannies2022
Cost is $75.00 per person
Registration deadline is October 24, 2022

Brochure

Session 1: October 27, Rm D

  • Welcome and Introductions
    •Real Colors Personality Test
    •Intro to Risk Management

Session 2: October 31, Rm C

  • Identifying & Managing Legal Liability on the Farm

Session 3: November 3, Rm D

  • Direct Marketing
    •Social Media Presence
    •Overview of Rules & Regs
    •Commodity Marketing
    •Knowing Your Production Costs
    •Different Marketing Tools

Session 4 November 7, Rm D

  • Record Keeping
    •Financial Statements
    •Budgeting & Benchmarking

Session 5: November 10, Rm D

  • Communication and Stress
    •Grandma’s Yellow Pie Plate
    •Estate Planning Strategies

Session 6: November 17, Rm D

  • Farm Services Agency
    •Natural Resources Conservation Service
    •Soil and Water Conservation District
    •Crop Insurance

Event Sponsors

Kingston National Bank
Farm Credit Services of Mid America
Atomic Credit Union
LCNB National Bank

 

 

Social Security Announces 8.7 Percent Benefit Increase for 2023

Source: Social Security Administration.

News Release: October 13, 2022

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced today. On average, Social Security benefits will increase by more than $140 per month starting in January.

The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said.

To view a COLA message from Acting Commissioner Kijakazi, please visit www.youtube.com/watch?v=Vgm5q4YT1AM.

Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200 from $147,000.

Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. The fastest way to find out their new benefit amount is to access their personal my Social Security account to view the COLA notice online. It’s secure, easy, and people find out before the mail arrives. People can also opt to receive a text or email alert when there is a new message from Social Security–such as their COLA notice–waiting for them, rather than receiving a letter in the mail. People may create or access their my Social Security account online at www.ssa.gov/myaccount.

Information about Medicare changes for 2023 is available at www.medicare.gov. For Social Security beneficiaries enrolled in Medicare, their new higher 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security’s Message Center.

Cost-of-Living Adjustment (COLA) Information for 2023

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023.

The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. (Note: some people receive both Social Security and SSI benefits)

Read more about the Social Security Cost-of-Living adjustment for 2023.

The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200.

The earnings limit for workers who are younger than “full” retirement age (see Full Retirement Age Chart) will increase to $21,240. (We deduct $1 from benefits for each $2 earned over $21,240.)

The earnings limit for people reaching their “full” retirement age in 2023 will increase to $56,520. (We deduct $1 from benefits for each $3 earned over $56,520 until the month the worker turns “full” retirement age.)

There is no limit on earnings for workers who are “full” retirement age or older for the entire year.

Read more about the COLA, tax, benefit and earning amounts for 2023.

 

Ag Lender Seminars Offered in October

By Wm. Bruce Clevenger, Ken Ford, Grant Davis, Shelby Tedrow, and Frank Becker

Ohio State University Extension has scheduled four seminars in Ohio for Agricultural Lenders. The dates are Tuesday, October 18th in Ottawa, Ohio; Thursday, October 20 in Urbana, Ohio; Thursday, October 20 in Washington Court House, OH, and Friday, October 21st in Wooster, OH.

These seminars are excellent professional development opportunities for Lenders, Farm Service Agency personnel, county Extension Educators and others to learn about OSU Extension research, outreach programs and current agricultural topics of interest across the state.

2022 Topics and Speakers by Location

Ottawa, OH – October 18th, Putnam Co. Educational Service Center, 124 Putman Parkway, Ottawa, OH  45875

  • Farm Service Agency Loan Program Update – Kurt Leber, Northwest Ohio FSA, District Director – Farm Loan and Farm Program
  • Long Term Care Impacts on Farming Operations – Robert Moore, J.D., Ohio State University Extension, Attorney, OSU Agricultural & Resource Law Program
  • Beef and Small Ruminant Enterprise Opportunities – Garth Ruff, Ohio State University Extension, Field Specialist, Beef Cattle
  • Farm Business Analysis with FINPACK and OSUE Farm Office – Clint Schroeder, Ohio State University Extension, Program Coordinator, Farm Business Analysis
  • Examining Land Values, Rents, Crop Input Costs & Margins & New Tax Policy- Barry Ward, Ohio State University Extension, Leader – Production Business Management & Director – OSU Income Tax Schools
  • Ag Commodity Grain Markets: Trends and Prospects – Seungki Lee, PhD, Ohio State University, Dept of Agricultural, Environmental, & Development Economics

Urbana, OH – October 20th, Champaign Co. Community Center Auditorium, 1512 South US Highway 68, Urbana, OH  43078

  • Farm Service Agency Update – Shari Deao, Champaign County Director, FSA
  • Examining Land Values, Rents, Crop Input Costs & Margins in 2023 – Barry Ward, Ohio State University Extension, Leader – Production Business Management & Director – OSU Income Tax Schools
  • Mental Health and the Agriculture Community – Bridget Britton, Behavioral Health Field Specialist, Ag & Natural Resources, Ohio State University Extension
  • Update on Alternative Energy in Ohio – Eric Romich, Energy Development Field Specialist, Ohio State University Extension
  • Long Term Care Impacts on Farming Operations – Robert Moore, J.D., Ohio State University Extension, Attorney, OSU Agricultural & Resource Law Program

Washington Court House, OH – October 20th, Fayette County Agricultural Center, 1415 US Hwy 22 SW, Washington Court House, OH  43160

  • Farm Service Agency Update – Katie Maust, Fayette County Director, FSA
  • Update on Alternative Energy in Ohio – Eric Romich, Ohio State University Extension, Field Specialist Energy Development
  • Long Term Care Impacts on Farming Operations – Robert Moore, J.D., Ohio State University Extension, Attorney, OSU Agricultural & Resource Law Program
  • Examining Land Values, Rents, Crop Input Costs & Margins & New Tax Policy- Barry Ward, Ohio State University Extension, Leader – Production Business Management & Director – OSU Income Tax Schools
  • Mental Health and the Agriculture Community – Bridget Britton, Behavioral Health Field Specialist, Ag & Natural Resources, Ohio State University Extension

Wooster, OH – October 21st, – Buckeye Agricultural Museum, 877 West Old Lincoln Way, Wooster, OH  44691

  • Timber Management – John Kehn, State Service Forester, Ohio Dept of Natural Resources – Division of Forestry
  • Dairy Economics – Jason Hartschuh, Ohio State University Extension, Extension Educator Crawford County
  • Beef and Small Ruminant Enterprise Opportunities – Garth Ruff, Ohio State University Extension, Field Specialist, Beef Cattle
  • Examining Land Values, Rents, Crop Input Costs & Margins & New Tax Policy- Barry Ward, Ohio State University Extension, Leader – Production Business Management & Director – OSU Income Tax Schools
  • Farm Succession Planning – David Marrison, Ohio State University Extension, Extension Educator Coshocton County

The registration cost to attend one of the Ag Lender Seminars is $75.00 and the registration deadline is one week prior to the seminar you are attending. Payments can be made by check by mail or by credit card (by phone only to 419-782-4771). Registration forms are available online at: https://u.osu.edu/aglenderseminars/

Registration questions can be directed to OSU Extension Defiance County 419-782-4771 or email clevenger.10@osu.edu

OSU Extension conducts the seminars from input from Ag Lenders, County Extension Educators and Extension Specialists.  The seminars are designed to provide information that Ag Lenders will use directly with their customers, indirectly within the lending industry, and as professional development for current issues and trends in production agriculture.  OSU Extension has been offering Ag Lenders seminars for nearly 30 years.

Ohio State University (OSU) Extension’s Ohio Women in Agriculture Program announces opportunities to Learn, Grow, Connect, Inspire and Empower at the 2022 Farm Science Review!

Some of the best conversations and discussions have occurred around the family kitchen table. Grab a cup of your favorite beverage, lunch, or snack and join us from our kitchen table or yours to engage in conversations in-person or “virtually” on September 20, 21, and 22, 2022 for “Kitchen Table Conversations” hosted by the Ohio Women in Agriculture of Ohio State University Extension.

These sessions are offered during the Farm Science Review daily from 11:30 AM-12:30 PM. In-person sessions will be located on the north side of the Firebaugh Building at 384 Friday Avenue at our kitchen table. ZOOM session registration is required to participate. Register @ https://go.osu.edu/2022fsrkitchentableconversation

Programs will focus on key topics related to health, marketing, finance, legal, and production for women in agriculture.  Each topic will feature a leading expert and moderators to generate dialogue and empower discussion among participants.  A list of daily topics and leaders is provided below.

TUESDAY

When Death Happens- Managing the Farm Without Your Business Partner

Death can change everything, especially your ability to manage the farm without your business partner.  How can you better prepare to manage your farm business without your spouse or sibling?  Learn some strategies that can help you plan for the challenge of managing a farm alone.

SPEAKER: David Marrison, OSU Extension Educator, Coshocton County

WEDNESDAY

Female Farmer Financing Options: Opportunities with USDA Farm Service Agency (FSA) Loans

Come participate in this kitchen table conversation on how you can find unique farmland financing options for females, veterans, and minority farmers. Learn a little bit more about the requirements, normal rates, and roles.

SPEAKER: Eric Richer, OSU Extension Educator, Fulton County

THURSDAY

The Devil is in the Details: Communication and Record Keeping for Improving Farm Management

Family farms are only as good as their communication.  A record-keeping system is a valuable form of communication when the level of detail fits the needs of the farm decision-makers.  Useful record keeping can move a farm management team beyond the basic tax return to exploring problem-solving and strengthening the family farm business.

SPEAKER: Bruce Clevenger, OSU Extension Educator, Defiance County

Your host for the event will be Extension Professionals of the OSU Extension Ohio Women in Agriculture Team. Visit our display inside the Firebaugh Building for additional women in agriculture opportunities.

For more information: Gigi Neal, neal.331@osu.edu, 513-732-7070 or Heather Neikirk, neikirk.2@osu.edu, 234-348-6145

Blog site: u.osu.edu/ohwomeninag

 

Planning for the Future of Your Farm Workshop Slated for July 29 in Darke County

by: Taylor Dill, OSU Extension Extension Educator

Many farms are lost in the modern farm community because of an unsuccessful transition from one generation to the next. The farm transition is a difficult task to plan for financially and can be even more difficult to just talk about between family members. It is estimated that more than half of farmers and ranchers do not have an estate plan. Estate planning is crucial for a successful transition to the next generation, while also keeping the family together. Ohio State Extension has many farm management specialists to assist in this undertaking.

Join OSU Extension Darke County in welcoming David Marrison, Coshocton County Extension Educator and Robert Moore OSU Farm Law Attorney for a Planning for the Future of Your Farm event! David and Robert will be covering; developing goals for estate and succession, planning for the transition of control, planning for the unexpected, communication and conflict during the farm transfer, selecting an attorney, legal tools and strategies, developing your team, and getting your affairs in order. David and Robert are well renowned in extension and their mission is to save family farms from collapse because of poor transition planning.

The event will be July 29th at the Anderson’s Ethanol Plant Meeting Room, 5728 Sebring Warner Rd. #E, Greenville starting at 8:30 a.m. and ending at 4 p.m. The cost for the class is $45 covering two family members and course materials. Lunch has been generously provided by Farm Credit. Pre-registration is required as seats are limited! Please RSVP to Dill.138@osu.edu or call 937-548-5215

 

 

OSU Extension to Host 2022 East Ohio Women in Agriculture Conference

Ohio State University (OSU) Extension will host the 7th Annual East Ohio Women in Agriculture Conference. The conference is planned for Friday, March 25 from 9:00 a.m. – 3:30 p.m. at Ohio FFA Camp Muskingum, 3266 Dyewood Road SW, Carrollton, OH 44615. All women and young women (high school age) who are interested, involved in, or want to become involved with food, agricultural, or natural resources production or small business are encouraged to attend.

East Ohio Women in Ag Conference 2022 Flyer

The conference program features a networking fair and sixteen breakout sessions presented by OSU Extension educators, producers, and partner agencies. Sessions this year are focused around four themes: Natural Resources, Plants & Animals, Home & Family, and Special Interest (includes break-out with Ohio FFA State Officers). The conference keynote will be led by Bridget Britton, OSU Extension Behavioral Health Field Specialist. She and her team will lead participants through “Stoic or Stressed? Talking through difficult topics in a safe space.”

Registered participants, community organizations, or businesses interested in sponsorship can contact 740-461-6136.

Interested individuals can register for the conference online at go.osu.edu/eowia2022. Cost of the conference is $55 for adult participants and $30 for students.  Conference fee includes conference participation, breakfast, lunch, and conference handouts. Deadline for registration is Friday, March 11. For additional information, please contact Emily Marrison, OSU Extension Coshocton County at 740-622-2265.

Stay connected with the Ohio Women in Agriculture Learning Network on Facebook @OHwomeninag or subscribe to the Ohio Women in Agriculture blogsite at u.osu.edu/ohwomeninag .

 

“Planning for the Future of Your Farm” Workshops offered by OSU Extension

by: David Marrison, OSU Extension-Coshocton County, marrison.2@osu.edu

To kick off 2022, OSU Extension will be offering “Planning for the Future of Your Farm” workshops to help farm families actively plan for the future of their farm business. The workshops are designed to help farm families learn strategies and tools to successfully create a succession and estate plan which can be used as the guide to transfer the farm’s ownership, management, and assets to the next generation. Learn how to have the crucial conversations about the future of your farm.

Topics discussed during this series include: Developing Goals for Estate and Succession; Planning for the Transition of Control; Planning for the Unexpected; Communication and Conflict Management during Farm Transfer; Legal Tools & Strategies; Developing Your Team; Getting Your Affairs in Order; and Selecting an Attorney.  This workshop will be taught by members of the OSU Farm Office Team.

Families can choose to attend the workshop virtually or in-person at regional workshops which will be held across the state. These sessions being offered include:

Virtual “Planning for the Future of Your Farm” Workshop

A virtual version of this workshop will be held on January 31 and February 7, 21 & 28, 2022 from 6:30 to 8:00 p.m. via Zoom. Because of its virtual nature, you can invite your parents, children, and/or grandchildren (regardless of where they live in Ohio or across the United States) to join you as you develop a plan for the future of your family farm.

Pre-registration is required so that a packet of program materials can be mailed in advance to participating families. Electronic copies of the course materials will also be available to all participants. The registration fee is $75 per farm family.  The registration deadline is January 25, 2022. More information and on-line registration can be obtained at go.osu.edu/farmsuccession

In-Person “Planning for the Future of Your Farm” Workshop

In addition to the webinar series, 3 regional in-person workshops will be held in February and March of 2022. Each of these programs will be held from 9:00 to 4:00 p.m.  The base registration cost for each of these meetings is $85 for 2 attendees, lunch and 1 notebook.  Additional participants can attend for a $20 fee and extra sets of the course material can be purchased for $15. Registration is due 1 week prior to each event.

The locations for each for the meetings are:

February 10, 2022 in Greene County

Location: Greene County Extension Office

100 Fairground Road, Xenia, Ohio

On-line registration can be made at go.osu.edu/greenefarmfuture

More details can be obtained at corboy.3@osu.edu or 937-372-9971

 

February 25, 2022 in Wayne County

Location: Fisher Auditorium

1680 Madison Avenue, Wooster, Ohio

More details can be obtained at zynda.7@osu.edu or 330-264-8722

 

March 4, 2022 in Wood County

Location: Wood County Fairgrounds- Junior Fair Building

13800 W Poe Road, Bowling Green, Ohio

More details can be obtained at eckel.21@osu.edu or 419-354-9050

 

Specific details about each of the workshops can be found at: go.osu.edu/farmsuccession

 

OSU Extension to Host “Planning for the Future Your Farm” Webinar Series

OSU Extension will host a virtual four part “Planning for the Future of Your Farm” workshop on January 31 and February 7, 21 & 28, 2022 from 6:30 to 8:00 p.m. via Zoom. This workshop will challenge farm families to actively plan for the future of the farm business. This workshop is designed to help farm families learn strategies and tools to successfully create a succession and estate plan that helps you transfer your farm’s ownership, management, and assets to the next generation. Learn how to have the crucial conversations about the future of your farm.

Click here for Planning For Future Farm Flyer 

Topics discussed during this series include: Developing Goals for Estate and Succession; Planning for the Transition of Control; Planning for the Unexpected; Communication and Conflict Management during Farm Transfer; Legal Tools & Strategies; Developing Your Team; Getting Your Affairs in Order; and Selecting an Attorney

This workshop will be taught by members of the OSU Farm Office Team featuring Attorneys Peggy Hall & Robert Moore and David Marrison, Extension Educator for Coshocton County.

Because of its virtual nature, you can invite your parents, children, and/or grandchildren (regardless of where they live in Ohio or across the United States) to join you as you develop a plan for the future of your family farm.

Pre-registration is required so that a packet of program materials can be mailed in advance to participating families. Electronic copies of the course materials will also be available to all participants. The registration fee is $75 per farm family.  The registration deadline is January 25, 2022. More information and on-line registration can be obtained at go.osu.edu/farmsuccession

For more information about this webinar contact David Marrison at the Coshocton County Extension office at 740-622-2265 or by email at marrison.2@osu.edu.

In addition to this webinar series, an in-person version of this workshop will be held in regional locations workshops in 2022.  The workshops will be held in Greene County on February 10 (9-4 p.m.), Wayne County on February 25 (9-4 p.m.) and Wood County on March 4 (9-4 p.m.).  Specific details about these in-person workshops can be found at: go.osu.edu/farmsuccession

FARM OFFICE LIVE FALL and WINTER EDITION!

by: Barry Ward, David Marrison, Peggy Hall, Dianne Shoemaker, Julie Strawser – Ohio State University Extension

“Farm Office Live” returns virtually this fall and winter as an opportunity for you to get the latest outlook and updates on ag law, farm management, ag economics, farm business analysis and other related issues from faculty and educators with the College of Food, Agriculture and Environmental Sciences at The Ohio State University.

Each Farm Office Live will include presentations on select ag law and farm management topics from our experts. Participants will have an opportunity to ask questions and interact with presenters via webinar features. Viewers can attend “Farm Office Live” online each month on Wednesday evening or Friday morning, or can catch a recording of each program. The full slate of offerings for this fall and winter:

November 17th 7:00 – 8:30pm

November 19th 10am – 11:30am

December 15th 7:00 – 8:30pm

December 17th 10:00 – 11:30am

January 19th 7:00 – 8:30 pm

January 21st 10:00 – 11:30 am

February 16th 7:00 – 8:30 pm

February 18th 10:00 – 11:30 am

March 16th 7:00 – 8:30 pm

March 18th 10:00 – 11:30 am

April 20th 7:00 – 8:30 pm

Topics to be addressed over the next few months include:

Legal trends for 2021

Legislative updates

Tax Issues That May Impact Farm Businesses

Crop Input Costs and Profit Margins

Cropland Values and Cash Rents

Interest Rates

Farm business management and analysis updates

Farm succession & estate planning updates

Who’s on the Farm Office Team?  Our team features OSU experts ready to help you manage your farm office:

Peggy Kirk Hall — agricultural law

Dianne Shoemaker — farm business analysis and dairy production

David Marrison — farm management

Barry Ward — agricultural economics and tax

Julie Strawser – marketing, webinar management and support, administrative support

Register at:  https://go.osu.edu/farmofficelive

We look forward to you joining us this fall and winter!

The Status and Changing Face of Ohio Agriculture

by: Ani Katchova, Associate Professor and Farm Income Enhancement Chair, Department of Agricultural, Environmental, and Development Economics, The Ohio State University

Farmers deal with many stressors, most of which are out of their control: extreme weather, market changes, COVID-19, trade wars, fluctuating market prices, and environmental challenges. In 2019 particularly, a harsh winter followed by high spring and early summer rainfall led to damaged hay fields, delays in the planting of corn and soybean crops, and an inability to harvest early season crops in a timely manner. Tariffs on exported farm products led to declines in soybean and corn prices and contributed to uncertainty about the long-term security of global trade relationships. Growing attention to harmful algal blooms and other water quality challenges has increased pressure on farmers to reduce nutrient runoff from farm fields. Is this an unprecedented time in history, or have farmers experienced similar levels of stress in the past? It’s helpful to place current events in the context of long-term trends. Researchers from the College of Food, Agricultural, and Environmental Sciences explored 20 years of data from the U.S. Census of Agriculture and multiple public sources to understand long-term trends in Ohio. Here’s what they discovered.

https://aede.osu.edu/sites/aede/files/publication_files/AgCensus_Ebook_V5.pdf