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Edition  \nCreated and edited by Robert Andrew Branan, Attorney  \nRevised 2012  \n Publication 446-610  \nAcknowledgements  \nPlanning the Future of Your Farm: A Workbook on Farm Transfer Decisions, was created and developed by Robert Andrew Branan, an attorney in Hillsborough, North Carolina who concentrates his law practice inmost things farming. Narratives authored by other people, who graciously donated their expertise toward the educational success of this workbook, are noted in an editor’s note at the beginning of each article. Those narratives without identified authors are written by Mr. Branan, who would like to be credited when these narratives are reproduced elsewhere. Supporting worksheets were inspired by numerous sources, and have evolved through preceding editions ofthe workbook.  \nPlanning the Future of Your Farm, Virginia Edition, was published with support from the Southern Region Risk Management Education Center (SRRMEC) and the Virginia Department of Agriculture and Consumer Services. Previous versions have been published in North Carolina, South Carolina and Georgia with support from the USDA Risk Management Agency (RMA) Community Outreach and Education program, the Southern Region Risk Management Education Center (SRRMEC), and the Golden LEAF Foundation (North Carolina only) . This publication is intended for educational purposes only.  \nTable of Contents  \nAcknowledgements..........................................................................................................................2  \nAbout the Virginia Edition ...............................................................................................................5  \nHow to Use This Workbook.............................................................................................................6  \nSection One: Developing a Vision for the Future ...................................... 7  \nFarm Transfer Planning: A Suggested Definition ...........................................................................9  \nFarm Transfer Planning: How to Begin ........................................................................................10  \nStarting with What You Want.........................................................................................................12  \nManaging Risks with Farm Business Transfer: The 5 D’s ...........................................................14  \nWorksheet 1.1: Quick Risk Assessment: The 5 D’s ...........................................................17  \nImproving Farm Family Communication ......................................................................................18  \nWhen Family Business Transition Makes No Sense .....................................................................20  \nDeveloping Goals and Meeting Objectives ..................................................................................22  \nWorksheet 1.2: Planning the Family Meeting ...................................................................24  \nWorksheet 1.3: Rating Family Values ...............................................................................25  \nWorksheet 1.4: Rating Your Comfort Level ......................................................................26  \nWorksheet 1.5: Sketching Your Lifestyle Plan ..................................................................27  \nWorksheet 1.6: Estimating Income and Expenses ............................................................28  \nWorksheet 1.7: Setting Goals and Objectives ..................................................................29  \nWorksheet 1.8: Reconciling Priorities ..............................................................................30  \nWorksheet 1.9: Turning Goals and Objectives into Action ..............................................31  \nSection Two: Evaluating Your Farm Resources ....................................","cbCaieZxoBfOvnji","https://ap.wps.com/l/cbCaieZxoBfOvnji","pdf",1637597,114,"English","# Acknowledgements\n# About the Virginia Edition\n# How to Use This Workbook\n# Section One: Developing a Vision for the Future\n## Farm Transfer Planning: A Suggested Definition\n## Farm Transfer Planning: How to Begin\n## Managing Risks with Farm Business Transfer: The 5 D’s\n## Worksheet 1.1: Quick Risk Assessment: The 5 D’s\n## Improving Farm Family Communication\n## Developing Goals and Meeting Objectives\n## Worksheet 1.2: Planning the Family Meeting\n## Worksheet 1.3: Rating Family Values\n## Worksheet 1.4: Rating Your Comfort Level\n## Worksheet 1.5: Sketching Your Lifestyle Plan\n## Worksheet 1.6: Estimating Income and Expenses\n## Worksheet 1.7: Setting Goals and Objectives\n## Worksheet 1.8: Reconciling Priorities\n## Worksheet 1.9: Turning Goals and Objectives into Action\n# Section Two: Evaluating Your Farm Resources\n## Evaluating Your Farm and Community Resources\n## How Do You Own Your Property?\n## Worksheet 2.1: Evaluating Farm Resources\n# Section Three: Farm Transfer Tools\n## The Tools of Farm Transfer\n## Basic Estate Planning Documents: Wills, Trusts, and Gifting\n## About the Federal Estate Tax: A 2012 (and 2013) Update\n## Entity Choice for Agricultural, Forestry, or Horticultural Ventures\n## What is a Buy-Sell Agreement?\n## Developing A Lease for the Farm","[{\"question\":\"What is the purpose of this workbook for farm families?\",\"answer\":\"It provides an educational framework to support farm transfer decisions by helping families develop a future vision, assess risks, and plan goals and objectives for transition.\"},{\"question\":\"How does the workbook address risk during farm business transfer?\",\"answer\":\"It uses a structured approach called “The 5 D’s,” including a worksheet for quick risk assessment and related planning guidance.\"},{\"question\":\"Which farm transfer tools are included in the workbook?\",\"answer\":\"The workbook covers practical legal and planning tools such as wills, trusts, gifting, estate tax updates, entity choice, buy-sell agreements, and developing a lease for the farm.\"}]","Planning the Future of Your Farm - A Workbook Supporting Farm Transfer Decisions - Virginia Edition | PDF",1789904553,287]