OSU Extension is pleased to announce the newly revised Bulletin 862 titled, Transferring Your Farm Business to the Next Generation is now available as a resource for families to use as they plan for the future. This 89 page bulletin helps families plan for he future of their business by examining the following questions:
1) Do I want to pass my farm operation to my heirs as an ongoing business or do I want to pass it on as a group of assets?
2) How can you tell if the business is profitable enough to provide for the next generation?
3) Are there enough income and assets to provide for the older generation’s wants and needs?
4) How can you help the two generations get along?
5)What should you transfer and in what order?
6) How can you avoid paying too much income, gift and estate taxes?
This bulletin is one which each generation should read. This bulletin can be purchased at your local county Extension office for $9.25 or can be accessed for free at: http://ohioline.osu.edu/lines/bulls.html