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January 12, 2014

Farm briefs: Jan 12, 2014

Farm-transfer, retirement workshop offered

CHAZY — Cornell Cooperative Extension, New York Farm Net and Farm Credit East have teamed up to provide a training class on changing the ownership of a farm.

Farms are unique in that they have high asset values, family relationships and the need to transfer skills in addition to property. The tax on a $1 million estate in New York is $99,000. So even though the federal estate tax starts at $5 million, many farmers will owe substantial taxes to the state upon their passing.

The time to start planning for the next ownership is when the first asset is bought. It matters how the ownership is recorded and the profits are divided over time. 

This class will be Tuesday from 10:30 a.m. to 3 p.m. at Miner Institute in Chazy and costs $50. FSA borrower credits have been approved. The topics to be covered include Retirement and Income Planning, Communication between Generations, Establishing Equity for the Next Generation, Strategies for Transferring Business Assets and Decision Making Skills, and Building Your Own Plan. 

Bill Zweigbaum from Farm Credit East, Dan Welch from NY FarmNet, and Anita Deming from Cornell Cooperative Extension of Essex County will be the speakers. Each have years of experience helping farmers make their plans to transfer ownership to the next generation. 

To register, contact Deming or Judy French at 962-4810, Ext. 409.

Annie’s Project comes to Northern New York

WESTPORT — The 2014 offering of Annie’s Project is now open for registration throughout New York State. The course begins Feb. 6 and will run for six consecutive Thursdays from 9:30 a.m. to 2 p.m. at 15 Cornell Cooperative Extension facilities across the state including Westport and Canton.

Those interested in registering should contact Anita Deming at 962-4810 or Anita Figueras at (315) 379-9192 or visit the website www.NYAnniesProject.org. The course is $60 per person with limited scholarships available upon inquiry. This class is eligible for Farm Service Agency borrower credits.

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