Estate, succession, and retirement program scheduled for January at MU Southwest Research Center

Do you have a plan to pass on your farm or business? With the average age of farmers in Missouri at 58 and 70 percent of baby boomers retiring by 2020, a lot of wealth will be transferring hands. Be prepared for this transition by planning how your assets will be passed on.
University of Missouri Extension is reaching out to communities to help farm families, individuals and businesses with succession, estate and retirement planning. The program is called Your Farm, Your Business, Your Future and consists of a three-night workshop being held Jan. 17, 24, 31, from 6-9 p.m. on Thursday evenings. If there should be winter weather problems, the class will be extended one week and meet Feb. 7, 2019. Classes will be held at the MU Southwest Research Center, 14548 Hwy H, Mt. Vernon.
A team of University of Missouri Extension Specialists with extensive educational experience and technical backgrounds including a certified financial planner and a Missouri probate judge will be teaching the program. This class is designed to help owners of farms and small businesses begin creating a plan for transferring a farm or business to the next generation, as well as, addressing the many issues involved with planning your estate transition. Topics such as setting goals, assessing a farm’s or business’s strengths and weaknesses, the probate process in Missouri, estate planning tools, calculating retirement needs and much more will be covered.
Pre-registration is required by 4 p.m. Friday, Jan. 11. The cost is $110 per individual plus $50 for each additional person from the same business with one set of materials. Participants may also register for a single session at a cost of $45 for the first person and $20 for the second person from the same business with one set of materials. The cost includes materials that cover case study examples, forms for planning, developing financial statements and record keeping. A light dinner is provided each night.
For more information, contact Jim Spencer Jr, Field Specialist in Agriculture Business, by calling 417-581-3558 or emailing her at spencerjr@ missouri.edu.