FARMINGTON – Have you thought about transferring your estate/farm/business to the next generation? Would you like to transfer your business to another generation? Have you thought about what you would like to transfer? Have you thought about what the process of transferring would be? Would you like to keep your land/farm in agriculture or other special use? Do you have questions about how to talk with your family about estate transfer? Do you know the potential tax implications of estate transfer? What the benefits of good estate planning? Would you like to preserve wealth and minimize estate taxes?
The University of Maine Cooperative Extension is sponsoring a program, “Transferring the Farm,” on March 12, 2010 at the Franklin County Extension Office, 138 Pleasant St. Suite No. 1, in Farmington from 9 am until 3 pm. While the examples used in this program will be related to farms, the material is important to transferring all businesses.
This all day program will start with a discussion on how to have a family discussion. If you’ve ever wondered about how to divide up your assets to specific members of your family, this is an important topic. Mike Sciabarrasi, farm management specialist from the University of New Hampshire, will discuss the definition of an estate as well as various aspects of the business side of an estate; he will also speak on increasing awareness of how to proceed with a transfer and the tools and techniques available for estate transfer? In the afternoon, Paul Dillon, an estate and business planning attorney from Corinth, ME will address the legal issues of estate transfer including wills, durable powers of attorney, different business entities, gifting, trusts, etc. Each segment of the day will offer a time for question and answer. Cost for the day is $10 to cover handout materials. To register, contact the Franklin County Extension office in Farmington at 778-4650 or (1-800-287-1478 in Maine).
For more information contact: Gary Anderson, University of Maine Animal & BioScience Specialist 207-581-3240
