Articles
What is the biggest threat to a farm estate getting to the rightful heirs? It’s probably not what you think
A common misconception in farm estate and succession planning is that federal estate taxes are among the biggest threats to getting the farm assets to the rightful heirs. However, we propose that the biggest threat to a farm estate getting to the rightful heirs is the owner generation’s lack of succession planning and not federal estate taxes.
2021 ARC and PLC Signup: Recommendations for Wisconsin Farmers
As part of the 2018 Farm Bill, each year farmers can make a decision with regard to the commodity support programs ARC (Agriculture Risk Coverage) and PLC (Price Loss Coverage). For the 2021 crop year, sign up is currently ongoing, with the March 15, 2021 deadline rapidly approaching. According to Paul Mitchell, UW Ag & Applied Economics Professor and Extension Specialist, the decision this year is clear and recommendations are provided based on commodity prices and program details. If you have not already visited your local Farm Service Agency (FSA) county office to make your election for either the Agriculture Risk Coverage (ARC) or the Price Loss Coverage (PLC) program and to sign your annual enrollment contract, you should call and make your appointment now.
AgriVision Podcast Episode 2 – Selling Heifers
Host Katie Wantoch and Mark Hagedorn, retired Extension Dairy Program Manager, discuss a farmer who wants to know if they should sell pregnant dairy cattle heifers now or wait to sell these animals until after the cow has had her calf.
Tax Preparation Issues and Concerns
As we all know, the month of January often brings thoughts of taxes and tax preparation. Gary will focus on issues specific to farm tax returns so those listening may gain a better understanding of what to think about regarding farm tax preparation and be able to ask better questions with their tax advisor.
Tips for choosing an eCommerce platform
The CSA Innovation Network and UW-Madison Division of Extension share a report detailing farmer ratings of the most popular eCommerce platforms used by farmers for selling their products.
AgriVision Podcast Episode 1 – Sharing Knowledge and Expertise
In this introduction to the AgriVision Podcast, host Katie Wantoch describes how the AgriVision podcast came about and shares a little about her background with UW Madison Division of Extension.
Power of One
A new year always elicits new resolutions, goals and plans for how to better our business, family and self. However, a quick google search shows that only 8% of Americans keep their resolutions throughout the year and 80% have failed by February. How can we become an 8-percenter in the new year?
Putting the ‘Me’ in Merry: Self Care Tips for the Holiday Season
It’s the most wonderful time of the year, right? Unfortunately, it doesn’t always feel that way. Learn some quick self-care tips to take care of both your mind and body during the holidays.
End of Year Considerations and 2020 Tax Planning
Farmers experienced a number of challenges in 2020, including financial spikes and dips. Farmers have several tools available to assist with managing their tax liability, however some of these tools need to be taken advantage of prior to December 31, 2020.
The Art of Negotiating for your Farm Business
Negotiating is important for the success of any business, but it is especially critical during lean times. It may seem like common sense, but many times people let their emotions get the best of them and ignore their basic instincts. It takes homework, discipline, and street smarts to successfully make a deal.
Transferring farm management for a successful farm succession
During the farm succession process it is common for the owner generation and the successor generation to discuss a transfer of assets. However, a conversation about the transfer of management – which is important to the success of the farm succession – is often overlooked.
Core Values
Core values are the guiding principles that dictate a person’s behavior. Understanding a person’s core values will help you to understand why people do the things they do. When going through a farm succession it is important for the parties to have open conversations about the process. Knowing the other parties core values can help make these conversations more productive and enjoyable.
Monthly and Annual Spending Plan – Part 1 of 2
The monthly and annual spending plan worksheets located in the Cultivating your Farm’s Future workbook can be used to attribute expenses to the household and farm. In a farm succession, these worksheets can be used by both the owner and successor generation.
Monthly and Annual Spending Plan – Part 2 of 2
The monthly and annual spending plan worksheets located in the Cultivating your Farm’s Future workbook can be used to attribute expenses to the household and farm. In a farm succession, these worksheets can be used by both the owner and successor generation.
Women in Agriculture – A Brief History
Jerry Apps shares the early role women had in the dairy industry and how that changed over the years along with some personal stories of women’s roles in agriculture during the Depression Years of the 1930s and WWII, drawing on his mother’s roles at that time.
Farm Stress & Decision-Making During Challenging Times
Stress is a double-edged sword. A little stress can serve as a constructive motivator, galvanizing us to action. Too much stress, on the other hand, can damage our health compromise safety and sabotage personal relationships. With the arduous and sometimes volatile conditions we see in agriculture, the risk of too much stress is alarming.
