FARMINGTON — Questions about transferring estates, farms and businesses to the next generation of family will be considered during a March 12 program, “Transferring the Farm,” hosted by the University of Maine Cooperative Extension.
The program, which will be held from 9 a.m. to 3 p.m. Friday at the Franklin County Extension Office, 138 Pleasant St., Suite 1 in Farmington, will deal with examples related to farms but the material is relevant to transferring all businesses.
Questions relating to the process of transferring ownership and how to talk to your family about transfers will be addressed for owners of a farms, estates or businesses. The potential tax implications of estate transfers and the benefits of good estate planning will also be explored.
The all-day program starts with a discussion of how to have a family discussion and how to divide up assets to specific family members.
Mike Sciabarrasi, farm management specialist from the University of New Hampshire, will provide the definition of an estate and other aspects related to the business side of it.
He will also discuss how to proceed with estates and the tools and techniques available for transfers.
Paul Dillon, an estate and business planning attorney from Corinth, will address the legal issues of estate transfers including wills, durable powers of attorney, different business entities, gifting and trusts.
Participants will be given time to ask questions. The workshop cost is $10 for the day and covers handout materials.
To register, contact the Franklin County Extension office at 778-4650 or 1-800-287-1478.