A new workshop series from the UW-Madison Division of Extension can help farms organize their important documents and financial information to ensure the continuity and stability of the business in the face of emergencies. Having these documents in order can also help farm owners be better prepared for their estate planning meetings with service providers.
This is one of those tasks that every farm owner knows they should do; and it is easy to put off. It’s tedious and can be overwhelming.
The series will help farm families to organize and analyze important documents and asset information to build their “In Case of Emergency” (ICE) Box over a series of weeks. In the event of an untimely death or accident, a farm family will be able to return to their ICE Box and find important information for continuing the farm’s legacy. Participants will be guided through a series of questions, conversations, and templates to analyze their ideal farm transition plan. After organizing farm assets for their ICE Box, participants will be able to run a variety of transfer scenarios to analyze and compare possible distribution plans for farm transition.
The organization of this information and analysis of possible distribution plans will prepare farm families to meet with farm transition planning professionals who can advise on legal and tax strategies to accomplish the farm’s specified transition goals. By organizing personal and financial information before consulting service professionals, farm families may be able to significantly reduce the time and costs associated with estate planning conversations.
Participants will learn from UW-Madison Extension Farm Management Specialists Kevin Bernhardt, Joy Kirkpatrick, and Kelly Wilfert. They will offer guidance through emails and virtual “Open Office Hours” for several weeks before meeting with participants in person in March.
The virtual sessions and open office hours will be held:
- Friday, Jan. 24, 2025 from 12-1 p.m. – Session 1 & Zoom open office hours
- Friday, Feb. 7, 2025 from 12-1 p.m. – Session 2 & Zoom open office hours
- Friday, Feb. 21, 2025 from 12-1 p.m. – Session 3 & Zoom open office hours
Instructors and participants will meet for an in-person workshop on Friday, March 7, 2025, at Upham Woods Outdoor Learning Center, N194 County Rd N, Wisconsin Dells, WI 53965, from 10 a.m. – 3 p.m. This workshop is limited to 20 farms.
The cost of the workshop series is $250 per farm. This allows up to two people from each farm to attend the in-person workshop on March 7, 2025.
The first 10 farms to register will receive a discounted price of $175 (which is a $75 savings).
Registration deadline is Wednesday, January 8, 2025. You can use this link uwmadison.eventsair.com/box25/reg to register for this workshop series.
If you have any questions, please contact: joy.kirkpatrick@wisc.edu, 608-263-3485 or kelly.wilfert@wisc.edu, 608-263-5798.
This workshop series is supported by the USDA – NIFA award 2024-70028-43552, through the North Central Farm and Ranch Stress Assistance Center 2024-2015 project.
