Keynote OR Breakout | Educational | Technical
(1-1.5 hours, and presents a spreadsheet that can be used to calculate accrual-adjusted net farm income)
During this session, business financial viability considerations that should be included in the planning process will be discussed using example leverage scenarios for the remaining business, along with a spreadsheet that can be used by participants to evaluate potential alternatives they may formulate for their own businesses.
Once alternatives have been evaluated in terms of the financial viability of the remaining business, those alternatives can then be taken to tax and legal professionals for further evaluation related to tax and legal issues.
HOW DID SOMETHING THIS WELL-INTENTIONED BECOME THIS UNCOMFORTABLE?
Keynote OR Breakout | Audience Participation | Educational | Technical
Retirement planning is often an involved, complicated, and emotionally charged activity, as consideration is given to future income sources and amounts needed during retirement years.
The focus for many non-agricultural individuals is often on contributions to various investment instruments designed to provide the desired income stream while minimizing taxes as withdrawals and any disposition of capital assets are considered.
However, for many agricultural businesses, those aspects of retirement planning are just the beginning, because planning often includes the transition of ownership of an on-going business from a retiring generation to a younger generation.
Also, it may be further complicated by a desire by several, if not all, involved parties for the business to continue to operate and remain financially viable.
Furthermore, planning can become uncomfortable as involved member(s) of the younger generation may want to continue to operate the business after the retiring generation exits and non-involved siblings may not.
Professor Freddie Barnard has interests include agricultural finance and farm management. He has had extensive experience in agricultural lending. Professor Barnard’s responsibilities include serving as director of the Midwest Agricultural Banking School
The school is co-sponsored by the Illinois, Indiana, Kentucky, Michigan, and Ohio Bankers Associations and is held at Purdue University. In addition, he is the coordinator for the Indiana Bankers’ Agricultural Clinic. He also serves as the Secretary/Treasurer for the Indiana Chapter of the American Society of Farm Managers and Rural Appraisers.
Retirement planning is often an involved, complicated, and emotionally charged activity, as consideration is given to future income sources and amounts needed during retirement years.
The focus for many non-agricultural individuals is often on contributions to various investment instruments designed to provide the desired income stream while minimizing taxes as withdrawals and any disposition of capital assets are considered.
However, for many agricultural businesses, those aspects of retirement planning are just the beginning, because planning often includes the transition of ownership of an on-going business from a retiring generation to a younger generation.
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