Take Root Succession Planning Conference

187 Monroe Avenue Northwest,Grand Rapids MI 49503

18 February, 2022

Description

Featuring keynote speaker Jolene Brown and breakout sessions related to estate/succession planning, LLCs, tax planning, Medicare, and more! Are you worried about passing your farm on to the next generation? Are you trying to figure out what the possible tax law changes will mean to you? Do you need a refresher on all of the steps to complete for your estate plan? Farmers throughout Michigan are invited to attend the Take Root Farm Succession Planning Conference. The conference is being co-hosted by Michigan Soybean Committee, Michigan Milk Producers Association, Michigan Corn Growers Association, Greenstone Farm Credit Services, Michigan Farm Bureau, Michigan Pork Producers, Farm Bureau Life Insurance, MACMA Apple, Michigan Wheat, Michigan Cattlemen’s Association, Michigan Blueberry Commission, Michigan Agri-Business Association, and the Michigan Nursery and Landscape Association. The full-day conference will include presenters from Foster Swift Law Firm, Varnum Law Firm, several accounting firms, and others. The headline presenter will be Jolene Brown, a farm succession planning consultant from Iowa who has done a fantastic job for our farmers in the past, providing practical guidance on how to lead a farming operation through this process. Breakout sessions will include: -Estate Planning Essentials Maximize and preserve wealth during lifetime; Transfer wealth at death to intended recipients; Minimize estate administration expenses; Reduce or defer taxes; Property Ownership; and Avoid conflict among family members. -Succession Planning for Ag Farm Transfer Factors & Strategies; Distribution Issues with Farming and Non-Farming Beneficiaries; Buy/Sell Agreements; Choosing the Best Business Structure; and Building a Management Team; Communication. -Farm Estate Tax Planning Review of current estate tax system; Structures for farm transitions; Using estate tax rules to create tax benefits; Structures to reduce and or eliminate estate taxes; and Common Pitfalls to avoid in Estate and Succession Planning. -Forming and Operating LLCs Analyze the decision-making process for determining if you need an LLC to help protect your business or assets. In addition to helping you understand the use and benefits of LLC formation, this presentation will provide you with valuable information needed to form, file, and create an LLC – helping your lenders and insurance agents to easily identify new operations. Discuss and talk through the items that should be considered when operating a new LLC and get the maximum benefit from establishing the new business. -Managing the Financial Transition of Your Farm Operation Chad Zagar & Mitchell Schafer, GreenStone Farm Credit Services and Dan Hoops, PNC Private Bank A successful transition of your farming operation keeps the farm legacy going, provides a financial benefit to your family, or (hopefully) both! Learn through real experiences and stories as GreenStone Farm Credit Services tax and accounting staff and financial services officers lead a conversation on the process of managing the financial transition of your farming operation. Key areas to be discussed include the importance of understanding your financials, tax implications to consider, valuation of assets, the process of transitioning roles if the operation is staying in the family, and the team of experts you should have involved in the process. -Estate Planning and Life Insurance Options