Farm and ranch businesses and families have some unique challenges when it comes to tax and estate planning. Colorado State University Extension has planned an evening to focus on these important topics. Jeff Tranel, CSU Agricultural and Business Management Economist, will be presenting a seminar “Understanding Farm Taxes and Estate Planning” on Thursday, March 15, 2018 from 6-9 p.m. in Spruce Room 321, Morgan Community College, 920 Barlow Road, Fort Morgan.
Tranel will spend the first hour on income taxes addressing parts of the Tax Reform Act impacting farmers and ranchers, especially depreciation, standard deductions, capital gains and pass through income. He will discuss income tax liabilities in both the short and long term; and managing the farm/ranch’s finances to limit or avoid longer term consequences of minimizing income taxes.
After a short break, the remainder of the evening will focus on estate planning and business succession. Tranel will address the four pillars of a lasting legacy. He will emphasize the necessity of family discussions regarding end-of-life issues, the estate plan, and passing the business onto the next generation. Tranel will share strategies and tools for passing on the land and other assets.
With generous support from local sponsors, Premier Farm Credit, Bank of Colorado and Brush State Bank, the recent Annie’s Project participants will be given this session as a bonus. The cost for all other participants will be $10 per person, which includes a light dinner and handouts. A light supper will be served at 5:30 p.m. to those who pre-register by March 12 with the Morgan County Extension Office, 970-542-3544. Due to the room size, the seminar is limited to 30 participants, so please register soon.
This session will also be simulcast as a webinar to other host sites in northeast Colorado. Phillips County Extension will be hosting a viewing site at the Haxtun Community Center. Contact Tracy Trumper at 970-854-3616 for more information. Yuma County Extension is hosting a webinar viewing site at Wray City Hall. Contact Joy Akey at 970-332-4151 for more information.
For more information about the Fort Morgan program contact Jennifer Cooney, 970-542-3544 or Gisele Jefferson, 970-345-2287. This educational program is made available through Colorado State University Extension partnering with Morgan Community College.