A new grant will help Penn State Extension pair retiring farmers with new farmers to help transition farms from one generation to the next.
The U.S. Department of Agriculture’s National Institute of Food and Agriculture awarded a $50,000 grant to Penn State Extension. The grant comes from the USDA-NIFA’s Beginning Farmer and Rancher Development Program, which, provides information on capital, acquiring and managing land, and learning effective business and farming practices.
In March of next year Penn State Extension financial analyst will host a workshop on transitioning the ownership of a farm. Organizers are still working on finalizing a time.
The overnight workshop aims is to “facilitate the successful transition of farmland and knowledge.”
The workshop will teach practical and not so practical farming information such as finding farmland, legal and tax structures of land purchase and ownership, asset transfer channels, and retirement planning considerations for new farmers.
As details begin to finalize more information will be released on the date and times for the workshop.
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