University of Minnesota Extension will present “Farm Transition & Estate Planning: Build Your Exit Strategy” Thursday, Dec. 11 from 9:30 a.m. to 3:30 p.m. at the Carver County Extension office located in the Carver County Public Works Building at 11360 Hwy 212, Cologne. This full-day workshop is filled with practical information and strategies to help farm families begin the process of transferring the farm business to the next generation.

Participants will get a greater understanding of transfer strategies, tax issues related to the transfer process, have an opportunity to discuss methods for treatment of heirs in the transfer process, as well as discover how to go about developing a written transfer plan.

As part of the workshop, participants will be given time to complete worksheets related to the application of different transfer strategies as well as listing personal, family, and farm business goals. The result is the beginning of a farm business transfer plan.

Estate planning is a crucial part of the transition process as well. The workshop also includes a discussion of wills and trusts, life insurance, power-of-attorney, long-term health care issues, and more. This information will help to complete the transfer plan. There is a fee to participate. Be sure to pre-register since space is limited.

To pre-register for the workshop contact (952) 466-5300 and press “0” to speak with support staff.