Estate Planning

Planning for the Future of Your Farm Program Planned in Tuscarawas Country

by: Chris Zoller, Extension Educator, ANR

A two-evening “Planning for the Future of Your Farm” program will be held February 12 and 19 from 7:00 pm to 9:30 pm each evening.  The program will be held at the Village of Tuscarawas Community Center on Cherry Street in Tuscarawas.

David Marrison, OSU Extension Educator, Agriculture and Natural Resources, Coshocton County, will discuss developing the next generation of managers, family communications, providing income for multiple generations, keeping your farm competitive, and preparing for the unexpected.  These topics will be discussed the evening of February 12.

The evening of February 19 will feature Peggy Hall, Attorney and OSU Extension Ag Law Specialist, and Robert Moore, Attorney, Wright and Moore Law.  Peggy and Robert will discuss farm business structures, estate and transfer strategies, trusts, life insurance, tax planning, and much more.

Registration for the program is $25 per person or $35 per family.  Please make your check payable to OSU Extension-Tuscarawas County, 419 16th St. SW, New Philadelphia, OH 44663.  Please RSVP by February 5.  Questions may be directed to Chris Zoller at 330-339-2337 or zoller.1@osu.edu.

 

Farm Succession Workshop to be held in Kenton, Ohio

by: Jeff Stachler, Agriculture and Natural Resources Extension Educator

A two-day workshop about Farm Transition / Succession is planned for February 3 and 25, 2020.  Participants must attend both days.  The workshop will be held at Mid-Ohio Energy conference room which is located at 1210 Lima Street, Kenton, OH 43326.  Each day the program runs from 10:00 am to 3:00 pm with registration at 9:30 am.

One of Extension’s most knowledgeable individuals regarding Farm Transition is David Marrison from Coshocton County.  On the first Day of the workshop David will discuss about the Key questions to answer when planning for the future of the family farm business, Providing income for multiple generations and developing the next generation of farm managers, Retirement strategies, and much more.

The speakers for the second day are Robert Moore of Wright and Moore Law Co. and Peggy Hall, OSU Field Specialist for Agriculture and Resource Law.  They will focus on topics such as Analyzing risk in today’s world, Estate and transfer strategies, Buy/sell agreements, Tax implications of estate and transition planning, and much more.

Cost of the program is $30 per person made payable to OSU Extension – Hardin County.  It is preferred that you send in your registration fee prior to the program to the following address:  1021 W. Lima Street, Suite 103, Kenton, OH 43326.  If you have questions about registering feel free to call the Hardin County Extension Office at 419-674-2297 or e-mail Jeff Stachler (stachler.1@osu.edu).

 

OSU Extension to Offer Lunch and Learn Webinars

By: Chris Bruynis, Extension Educator

In the age of multi-tasking and convenience, OSU Extension is offering a lunch and learn webinar series for farmers. We have arranged for eight topic and speakers to provide a webinar every Wednesday starting on Wednesday, February 5, 2020 and concluding March 25, 2020. Join us for eight consecutive Wednesdays for this educational series starting at 11:45 am and lasting 1.5 hours. Learn important risk management information during this lunch and learn series from top industry, private sector, and university experts important to the success of farm businesses in 2020 and beyond.

The topics that will be covered include:

February 5:         Using Financial Statements/Ratios to Make Informed Financial Decisions

February 12:      Farm Law 101: Leasing and Financing Agreements

February 19:      Grain Contracts and Markets: What to Use When

February 26:      Where to Start with Workers Compensation Benefits

March 4:             Meeting with a Lender: What Numbers are Important

March 11:           Estate Planning: What are the Tools and Options

March 18:           Grain Marketing Strategies for 2020

March 25:           Tips for Recruiting, Hiring, and Retaining Farm Business Employees

Farmers interested in participating should register at http://go.osu.edu/fm2020 by January 31, 2020.  At this website you can access detailed information on the speakers and the learning objectives for each session. There is also a registration link for the webinar at this site. The cost for all eight topics is $25 per registration and must be paid with credit card at time of registration.

Any question can be directed to Chris Bruynis or Marianne Guthrie at 740-702-3200 or email bruynis.1@osu.edu. We hope this program series will be beneficial to your farm business, whether you attend all the topic presentations or just some of them.

“Ask the Expert” Area Seeks to Help Farmers at this year’s Farm Science Review

Each year, faculty and staff of The Ohio State University address some of the top farm management and veterinarian medicine challenges which Ohio farmers are facing during the “Ask the Expert” sessions held each day at the Farm Science Review at the Molly Caren Agricultural Center near London, Ohio.

The 20 minute “Ask the Expert” presentations at Farm Science Review are one segment of the College of Food, Agricultural, and Environmental Sciences (CFAES) and the College of Veterinary Medicine comprehensive extension education efforts during the three days of the Farm Science Review which will be held September 17-19 in London, Ohio.

Our experts will share science-based recommendations and solutions to the issues growers are facing regarding weather impacts, tariffs, veterinarian medicine, and low commodity prices. Producers are encouraged to attend one or more of the sessions throughout the day.

The sessions will take place in the Ohio State Area in the center of the main Farm Science Review exhibit area located at 426 Friday Avenue. This year’s featured sessions are:

Tuesday, September 17, 2019
“Tax Strategies Under the New Tax Law” presented by Barry Ward
10:00 – 10:20 a.m.

“Climate Smart- Weather, Climate & Extremes-Oh My!” presented by Aaron Wilson
10:20 – 10:40 a.m.

“Before the Pearly Gates- Getting Your Farm Affairs in Order” presented by David Marrison
10:40 – 11:00 a.m.

“Crop Inputs & Cash Rent Outlook for 2020” presented by Barry Ward
11:00 – 11:20 a.m.

“Farm Stress-We Got Your Back” presented by Dee Jepsen
11:20 – 11:40 a.m.

“The Legal Buzz on Hemp” presented by Peggy Hall
11:40 – 12:00 noon

“Current Status of African Swine Fever” presented by Scott Kenney
Noon to 12:20 p.m.

“Farm Income Forecasts: Are Farmers Experiencing Financial Stress?” presented by Ani Katchova
12:20 – 12:40 p.m.

“How Much Money Stayed on the Farm? 2018 Ohio Corn & Soybean Production Costs” presented by Dianne Shoemaker
12:40 – 1:00 p.m.

“Where Are We on U.S. Trade Policy” presented by Ian Sheldon
1:00 – 1:20 p.m.

“Farm Accounting: Quicken or Quickbooks” presented by Wm. Bruce Clevenger
1:20 – 1:40 p.m.

“Commodity Markets – Finding Silence in the Noise” by Ben Brown
1:40 – 2:00 p.m.

“GMOs, Food Animals, and Consumers” presented by Dr. Gustavo Schuenemann
2:00 – 2:20 p.m.

“Solar Leasing Options” presented by Peggy Hall & Eric Romich
2:20 – 2:40 p.m.

“Poultry Backyard Disease Management” presented by Dr. Geoffrey Lossie
2:40 – 3:00 p.m.

Wednesday, September 18, 2019
“Climate Smart- Weather, Climate & Extremes-Oh My!” presented by Aaron Wilson
10:00 – 10:20 a.m.

“The Legal Buzz on Hemp” presented by Peggy Hall
10:20 – 10:40 a.m.

“Zoonotic Diseases: Can I really get sick from my 4-H Project?” presented by Dr Jacqueline Nolting
10:40 – 11:00 a.m.

“Solar Leasing Options” presented by Peggy Hall & Eric Romich
11:00 – 11:20 a.m.

“Where Are We on U.S. Trade Policy” presented by Ben Brown
11:20 – 11:40 a.m.

“Impact of Peak Electrical Demand Charges in Agriculture” presented by Eric Romich
11:40 – 12:00 noon

“Crop Inputs & Cash Rent Outlook for 2020” presented by Barry Ward
12:00 – 12:20 p.m.

“Commodity Markets – Finding Silence in the Noise” by Ben Brown
12:20 – 12:40 p.m.

Public Perception Risk: Building Trust in Modern Agriculture by Eric Richer
12:40 – 1:00 p.m.

“Farm Stress-We Got Your Back” presented by Dee Jepsen
1:00 – 1:20 p.m.

“How Much Money Stayed on the Farm? 2018 Ohio Corn & Soybean Production Costs” presented by Dianne Shoemaker
1:20 – 1:40 p.m.

“Poultry Backyard Disease Management” presented by Dr. Geoffrey Lossie
1:40 – 2:00 p.m.

“Tax Strategies Under the New Tax Law” presented by Barry Ward
2:00 – 2:20 p.m.

“CRISPR gene editing: Are super animals within our reach?” presented by Dr. Scott Kenney
2:20 – 2:40 p.m.

“Using On-Farm Research to Make Agronomic and Return on Investment Decisions” presented by Sam Custer
2:40 – 3:00 p.m.

Thursday, September 19, 2019
“Horse Health Care and How to Feed a Horse” presented by Dr. Eric Schroeder
10:00 – 10:20 a.m.

“Farm Stress-We Got Your Back” presented by Dee Jepsen
10:20 – 10:40 a.m.

“Tax Strategies Under the New Tax Law” presented by Barry Ward
10:40 – 11:00 a.m.

“The Legal Buzz on Hemp” presented by Peggy Hall
11:00 – 11:20 a.m.

“Solar Leasing Options” presented by Peggy Hall & Eric Romich
11:20 – 11:40 a.m.

“Commodity Markets – Finding Silence in the Noise” by Ben Brown
11:40 – Noon

“Crop Inputs & Cash Rent Outlook for 2020” presented by Barry Ward
12:00 – 12:20 p.m.

“Antibiotic Use in Animals-Does it Impact for Human Health” presented by Dr. Greg Habing
12:20 to 12:40 p.m.

“Where Are We on U.S. Trade Policy” presented by Ben Brown
12:40 – 1:00 p.m.

“Swine Biosecurity” presented by Dr. Carlos Trincado
1:00 – 1:20 p.m.

“Nutritional Support for Ruminants in Winter” presented by Dr. Jeff Lakritz
1:20 – 1:40 p.m.

“How Much Money Stayed on the Farm? 2018 Ohio Corn & Soybean Production Costs” presented by Dianne Shoemaker
1:40 – 2:00 p.m.

The complete schedule for the Ask the Expert sessions and other events at the 2019 Farm Science Review can be found at: https://fsr.osu.edu/

Additional farm management information from OSU Extension can be found at ohioagmanager.osu.edu or farmoffice.osu.edu

Source:
David Marrison, OSU Extension
740-622-2265
Marrison.2@osu.edu

#leanonyourlandgrant

New Podcast Episodes

by: Amanda Douridas, OSU Extension Educator

The Agronomy and Farm Management Podcast has been releasing new episodes every other week since May 2018 and is set to release its 29th episode next Wednesday. To make it easier for listeners to find past episodes, the podcast has a new landing page at http://go.osu.edu/AFM.

Here you will find a listing of all past episodes, descriptions of what we talked about and links to additional resources. We cover a wide range of topics for corn, soybean and small grain farmers on agronomic and farm management topics. Episodes include legal topics such as leases, LEBOR, and hemp; timely seasonal topics like disease, insects and weather; and operational improving strategies related to nutrient management, precision agriculture and grain marketing.

Stay up to date on the latest episodes by following us on Twitter and Facebook (@AFMPodcast) and adding us to your favorites in Apple Podcasts or Stitcher. Give us a good rating and review if you like the podcast! If there is a listening platform you would like us to broadcast on or you have a topic suggestion, reach out on social media or by email at Douridas.9@osu.edu.

 

Transition the Farm Business to the Next Generation

by Rory Lewandowski, OSU Extension Educator

Passing the farm business on to the next generation is not automatic. Failure to plan is a plan for failure. Successful farm transition requires preparation and planning. It takes time, effort, communication between family members and legal assistance. The Wayne County Extension office is offering a two-part farm transition workshop on Friday July 19 and Friday July 26 to help farm families with the farm transition process.

The location for the July farm transition workshop is the Secrest Arboretum Welcome Center located at 2122 Williams road, Wooster, near the OARDC campus.  The workshop will run from 10:00 am until 3:00 pm each day.  By attending the workshop, farm families will learn steps necessary for a successful farm transition, get a start on developing a transition plan for the future, discover ways to increase family communication regarding farm transition, and learn strategies on how to transfer management skills and the farm’s business assets to the next generation.

Thanks to support from our sponsors, Farmers State Bank, Wayne Savings Community Bank, Farmers National Bank and Farm Credit Mid-America, the registration fee for the workshop is only $25 for the first two persons from a farm business and $10 for each additional person from the same farm business when sharing a resource notebook.  Registration is limited to the first 50 persons with a registration deadline of July 12th.  Registration includes refreshments, lunch and a resource notebook.

An informational brochure that includes workshop instructors and agenda topics along with a registration form is available on the Wayne County Extension web site at http://go.osu.edu/2019WoosterFarmTransition.   Direct questions or requests for more information to the Wayne County Extension office at 330-264-8722.

Should I Continue Farming?

by:  Chris Zoller, Extension Educator, ANR- Tuscarawas County

 It’s no secret that all of agriculture is suffering from years of low commodity prices and rising input costs. The economic struggles have affected you financially and physically. You’ve looked at the numbers, met with advisors, and talked to family.   The thought of selling part or your entire farm brings with it added worry and concern. What can you do?

Find someone you trust and with whom you feel comfortable discussing your situation. This person may not have many answers to your questions, but they can listen to your frustrations and worries. They may be able to help you sort through the confusion and develop a course of action. Think of your situation as a picture – a set of eyes looking at the picture from the outside may see things you can’t because you are caught up in the picture.

Understand that you are not alone. Nearly every farm and farm family is in a similar situation. Don’t live in the past or dwell on what could or should have been done. Take control of the situation and develop a plan for managing the things you are able to control.

Assessment

Evaluate your financial position by meeting with your lender to discuss options for restructuring debt. Can you extend the repayment terms to provide more cash flow? Contact your Extension Educator about completing a FINPACK analysis (https://farmprofitability.osu.edu/).

What are your Specific, Measurable, Attainable, Rewarding, and Timed (SMART) goals? How are your goals similar and different from those of family and/or business partners?

Develop a list of your education, experiences, and skills. How can you use these in another career? What career opportunities fit you best?

Evaluation

If you come to the decision that selling all or part of your farm is the best option, there are several items to address. Begin with a balance sheet and other financial information to understand your present financial situation. Doing so will help you decide how much money (and approximate number of assets) you must sell. You may want to meet with an appraiser, auctioneer, or real estate professional for help determining the expected value of assets.

Professionals

Your attorney can answer questions and advise you about legal considerations related to a sale. An accountant will help minimize your tax liability and give an estimate of what you may expect to pay in taxes.

Help is Available

There are people and agencies/organizations that can help with the transition and the emotions that come with the sale. Clergy, licensed counselors, and medical professionals can help you cope. Other sources of help include:

Ohio State University Extension (extension.osu.edu)

National Suicide Prevention (1-800-273-8255)

National Alliance for Mental Illness (1-800-950-6264)

Ohio Workforce Training (ohio.gov/working/training)

Ohio Job & Family Services, Office of Workforce Development (jfs.ohio.gov/owd)

Additional Information

Coming to the decision to sell all or a part of your farm is not an easy decision. Find someone with good listening skills. Talk to professionals, reach out for help, get answers, and make the best possible decisions. More information about this subject is available at https://ohioline.osu.edu/factsheet/anr-71.

 

Landowners Leaving a Legacy

by: Amanda Douridas

Land is an important investment. One that is often passed down through generations. Farmland needs to be monitored and cared for to maintain the value and sustainability if it is to be enjoyed and profitable for future generations. Following the success of Lady Landowners Leaving a Legacy offered this past summer, Landowners Leaving a Legacy is open to everyone. If you want to learn more about your land, farming and conservation practices and how to successfully pass it on to the next generation, this program is for you!

Farming has changed dramatically over the last several decades. The thought of trying to understand it all can be overwhelming, especially if not actively farming. This series is designed to help landowners understand critical conservation and farm management issues related to owning land. It will provide participants with the knowledge, skills and confidence to talk with tenants about farming and conservation practices used on their land. The farm management portion will provide an understanding of passing land on to the next generation and help establish fair rental rates by looking at current farm budgets. We will also visit a local farm to view practices currently implemented and hear from the landowners involved.

The series runs every other Monday, February 25 – May 13 from 6:00-8:30 pm in the Champaign County Community Center Auditorium in Urbana, Ohio. It is $70 for the series. If you are only able to attend a couple of session, it is $15 per session but there is a lot of value in getting to know other participants in the series and talking with them each week. Materials and dinner included. The registration flyer can be found at http://go.osu.edu/agevents. For questions or more information, please contact Amanda Douridas at 937-484-1526 or Douridas.9@osu.edu. Please register by February 19. The detailed agenda is below.

Feb 25- Building Soil Structure

    • Introductions
    • Soil Structure Discussion and Demo
    • Tillage Methods and Compaction
  • Soil Coverage Discussion and Demo

March 11- Implementing Conservation

  • Conservation Activity
  • Aquifer Demonstration
  • Watershed Maps of Participants Farms
  • Explanation of Conservation Practices

March 25- Value of the Land Beyond the Dollar

  • Land Value Diagram
  • Landowner/Tenant Relationship Panel
  • Wildlife Habitat Programs

April 15- Transition and Succession Planning

  • Peggy Hall and Wright Moore Law Firm

April 29- Leasing and Budgets

  • Good Leasing Contracts
  • Hunting Leases
  • Overview of Commodity Budgets

May 13- Farm Visit

Some activities developed by Women, Food and Agriculture Network for its Women Caring for the Land program.

Farm Succession Workshop to Be Held in Celina

by: Denny Riethman, Extension Educator

A workshop on farm transition and succession will be held 9:30 a.m.-4 p.m. January 30, 2019, at Romer’s Catering at Westlake, 1100 S. Main St., Celina. This event is designed to help families develop a succession plan for their farm business, learn ways to transfer management skills and the farm’s business assets from one generation to the next and learn how to have conversations about the future of one’s farm. Attendees are encouraged to bring members from each generation to the workshop. Featured speakers will include David Marrison, OSU associate professor; extension educator, attorney Robert Moore with Wright & Moore Law Co., Peggy Hall, OSU assistant professor and an attorney in agricultural law; and Denny Riethman, Mercer County OSU Extension educator. Registration is limited to the first 60 people. The cost is $20 per person and $30 per couple. The registration deadline is January 23. Contact the Mercer County OSU Extension Office at 419-586-2179 to register.

Topics covered during the workshop will include:

 • key questions to answer when planning for the future of the family farm business.  

• family communication in the farm-transition process.

• analyzing the family farm business/keeping the business competitive into the future. 

• providing income for multiple generations.

 • developing the next generation of farm managers

• farm succession with multiple offspring and family members: fair versus equal.

• retirement strategies.

• preparing for the unexpected.

• strategies to get farm and family affairs in order.

• analyzing risk in today’s world.

• long-term health-care issues and costs.

• farm business structures and their role in estate and transition planning.

• estate and transfer strategies.

• buy/sell agreements.

• trusts and life insurance.

• tax implications of estate and transition planning.

• information needed by an attorney

 

 

Agronomy and Farm Management Podcast

by: Amanda Douridas and Elizabeth Hawkins

Stay on top of what is happening in the field and the farm office as Amanda Douridas and Elizabeth Hawkins interview experts in agronomy and farm management. Hosted by Ohio State University Extension, this podcast takes a bi-monthly dive into specific issues that impact agriculture, such as: weather, land value, policies, commodity outlooks, and more.

This podcast began in May 2018 and has a great library of podcasts to choose from. This winter, we will feature some of the Ask the Expert interviews that occurred during Farm Science Review on Farm Management topics. Catch up on the ones you missed during the show.

Subscribe through iTunes at http://go.osu.edu/iTunesAFM or Stitcher at http://go.osu.edu/StitcherAFM to have the newest episodes added to your playlist. Stay up to date with us on Facebook @AFMPodcast and Twitter @AFM_Podcast.