Thinking ahead eases family business transition

Posted March 19, 2013 at 5:15 pm

Rising commodity prices and the boost in demand for grains and soybeans have been a boon for farmers in recent years. They’ve also sent land prices soaring. Farmers in the Midwest find the average price for farmland is around $2,400 per acre, and sometimes the highest producing land goes as high as $9,000 per acre.

Prices like these impact not only short-term purchases and tax values, but also the longer-term succession strategy of the family farm. A little extra planning can yield a better result and help ensure your heirs are not overburdened with steep estate taxes, income taxes, gift taxes, etc. that can take a toll on your business assets and leave your heirs strapped for cash.

The most important step in the succession of your business is to

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    SDSU Plant Pathologist:

    Remembering pioneers of rust-resistant wheat

    Throughout history, plant diseases have had devastating impacts on human lifestyle leading to starvation and immigration. Thanks to the work of plant breeders, many diseases, like stem rust in wheat, which once devastated South Dakota’s wheat growers, is controlled today, says Bob Fanning, SDSU Extension Plant Pathology Field Specialist.

    “Of all the characteristics wheat producers consider when selecting which wheat variety to plant, stem rust resistance is the one today’s wheat producers don’t worry much

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    Legislative Highlights: Sen. Corey Brown

    SENATOR BROWN

    We are down to the last three weeks of the legislative session. While there are still several major policy issues that need to be resolved, much of the attention is going to start focusing on the state’s budget.

    In South Dakota, it is the Governor who proposes the budget. He did this during the first week of December. The legislature then evaluates that proposal and will ultimately make certain adjustments.

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    Legislative Highlights: Rep. Justin Cronin

    REP CRONIN

    This has been a week full of an extensive variety of bills. I will speak to a few of them today including House Bill 1161 which is to provide incentives for job creation and to establish a rural economic development partnership program, House Bill 1194 which gives more time during the year for setting off fireworks, and House Bill 1217, which allows easier access to become an organ donor.

    House Bill

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    Legislative Highlights: Rep. Charlie Hoffman

    REP HOFFMAN

    I am going to write today on one issue which in my mind would change the course of education in South Dakota more than any other single thing we have done in the past 30 years. For starters I would be remiss if I did not acknowledge that during my tenure on the Eureka School Board we endured more grueling hours of trying to find a way to increase teacher pay than

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    Business Notes

    Kevin E. Watts, Miller, a Modern Woodmen of America managing partner, has earned membership in the organization’s Managing Partner Round Table–Inner Circle.

    The prestigious Inner Circle includes the top managing partners in Modern Woodmen’s Managing Partner Round Table.  The Round Table recognizes outstanding leadership and is based on high achievement in life insurance sales.

    Modern Woodmen’s local office is located at PO Box 126 in Miller. For more information, contact Watts at 605-853-2208.

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    New CEO, general manager selected by Dakota Energy

    The Dakota Energy Cooperative Board of Directors has named Daniel R. Webster as the next Chief Executive Officer/General Manager. He begins work on March 18, 2013.

    Webster will replace Ken Gates, the current CEO/General Manager, when he retires in March after serving DEC for many dedicated years.

    “On behalf of the entire board, I want to thank Ken for his dedicated service to the Dakota Energy membership and wish he and his family well in his retirement,” said Garry Dearborn,

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    Moeller elected Pork Producers’ first VP

    Moeller elected
    Pork Producers’ first VP

    The South Dakota Pork Producers Council (SDPPC) elected Andrew Arhart, a pork producer from Alpena, to serve as president for a second term.

    The board also elected Lester Moeller of St. Lawrence, SD as first vice president. Elected second vice president was Ryan Storm of Mt. Vernon. Elected to the executive board were Rod Foster, Garden City; Matt Storm, Mount Vernon; Ray Epp, Yankton; Craig Anderson, Centerville; and Clarence Wurtz and Hannah Walkes of

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    DCP/ACRE signup began February 19th

    The authority to begin the 2013 DCP and ACRE signup is the American Taxpayer Relief Act of 2012. This act extended the provisions of the previous Farm Bill for crop year 2013.

    Provisions of DCP and ACRE are basically the same. The major change is that producers who wish to enroll in ACRE will have to make that election again for this year only. Previous enrollment in ACRE will not carry over – a new election must be made. The deadline for enrollment is June 3, 2013.

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    Angus breeders recognized nationally in report

    Angus breeders
    recognized nationally in report

    Delton Gimbel and Mandy Gimbel, Ree Heights, have been recognized nationally by the American Angus Association for each having one registered Angus cow included in the Association’s 2013 Pathfinder Report.

    Only 1,992 of the more than 25,000 American Angus Association members are represented in this year’s report, according to Bill Bowman, chief operating officer and director of performance programs of the Association with headquarters in Saint Joseph, Mo.

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