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Business & Professional

December 27, 2010
The Journal

Farm transition workshops offered through legal firm

NEW ULM - The Legal Professionals-Somsen, Mueller, Lowther & Franta, PA has joined with the University of Minnesota Extension to present "Farm Transition & Estate Planning: Create Your Farm Legacy."

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.

In "Farm Transition & Estate Planning: Create Your Farm Legacy," participants get a greater understanding of transfer strategies, tax issues related to the transfer process, discuss methods for treatment of heirs in the transfer process, as well as 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.

"Farm Transition & Estate Planning: Create Your Farm Legacy" is scheduled for Wednesday, Jan. 12, beginning at 9 a.m. in New Ulm and Thursday, Jan. 27, beginning at 9 a.m. in Arlington. Both workshops are free, but space is limited. To pre-register for either workshop, contact The Legal Professionals-Somsen, Mueller, Lowther & Franta, PA at 507-354-2161.

Brown Co. Pork Producers elected to leadership posts

MANKATO - Attendees to the Minnesota Pork Board and Minnesota Pork Producers Association annual meetings earlier this month in Mankato elected Brown County pork producers onto their respective boards.

Sheila Schmid of Sleepy Eye, Nate Potter of Springfield and Tim Waibel of Courtland were among pork producers elected to serve one-year terms on the MPB Executive Board. The MPB Executive Board helps direct the investment of Pork Checkoff funding into research, promotion and educational programs on behalf of Minnesota's 4,400 pork producing families.

Schmid, Potter and Waibel will join Bill Crawford of Fairmont, Pat FitzSimmons of Dassel, Meg Freking of Jackson, Curt Johnson of Jasper, Craig Mensink of Preston, Mary Peichel of Fairfax, Doug Stade of Eden Valley, Jackie Tlam of Dunnell, Pat Thome of Adams and Doug Wenner of St. Peter on the MPB Executive Board.

At the MPPA Annual Meeting, members re-elected Rick Grommersch of Nicollet to a three-year executive board term, which begins in January. The MPPA Executive Board also re-elected Jim Compart of Nicollet to serve as president.

Compart and Grommersch will join Nate Brown of Ceylon, Kevin Hugoson of Granada, Jen Holtkamp of Des Moines, Todd Marotz of Sleepy Eye, Jay Moore of Jackson, Brandon Schafer of Goodhue, Lori Stevermer of Easton and Terry Wolters of Pipestone on the MPPA Executive Board.



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