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.
Annie’s Project, created in 2003 by Ruth Hambleton of the University of Illinois Extension, embodies a risk-management perspective that helps to reduce risk exposure by analyzing legal, human-resource, marketing, financial and production factors in farm business decision making. The program is directed to experienced farm women with a passion for business and an involvement in today’s farming industry. This program was recognized in July 2011 by The White House and named as a Champion of Change with Hambleton appointed to the White House Rural Committee.
In September, Hambleton traveled to Cornell Cooperative Extension Oneida County to train the extension educators who wished to present her program.
“It was our pleasure to have Ms. Hambleton help us expand this exciting program,” said New York State’s Annie’s Project co-leader Bonnie Collins. “Participants are assured of an excellent experience regardless of where they attend in the state.”
Annie’s Project is a Cornell Cooperative Extension initiative for New York Women in Agriculture that seeks to empower women in agricultural opportunities. New York Annie’s Project (2014) is made possible by Cornell Cooperative Extension and funding from Farm Credit East, the New York State Workforce Development Institute, the state Department of Agriculture & Markets, the USDA Risk Management Agency and the Northeast Center for Extension Risk Management Education.