Introducing FARMS: A Comprehensive Tool for Farm Transition Planning

By Robert Moore

Farm transition planning is an essential process for agricultural operations. However, identifying and tracking assets and resources and preparing for transition planning can present significant challenges for farm families. To assist with these tasks, Ohio State University Extension has developed the Farm Asset and Resource Management Spreadsheet (FARMS), designed to provide a structured approach to organizing farm transition information.

What is FARMS?

FARMS is an Excel-based resource designed to support farm families and agricultural professionals in collecting and systematically organizing all necessary information related to farm transition planning. Whether at the preliminary stage or already engaged in detailed succession planning, FARMS enables users to input and manage varying levels of data effectively.  See example screenshots below for further explanation.

What Information Does FARMS Collect?

Farms collects all the following information:

• Family and beneficiary names and contact information
• Bank accounts
• Financial Accounts
• Life Insurance
• Business Entities
• Real Estate
• Personal Property
• Farm Property
• Debt information
• Designations for executor, trustee, power of attorney, guardian

What Does Farms Do with the Collected Information?

FARMS uses the information provided by the user to do the following:

• Help ensure assets are titled to avoid probate
• Determine net worth and value of estate
• Calculate estate tax liability
• Allocate assets and net worth between spouses
• Allocate assets among beneficiaries to determine how much each beneficiary will receive from the transition plan
• Provide information that will be needed to complete wills, trusts and power of attorney documents.

How to Use FARMS?

Given its foundation in Excel, users should possess at least a basic familiarity with spreadsheet navigation. Training videos are available on YouTube to assist new users with becoming familiar with FARMS, explaining how to enter data and use the summary and analysis functions.  A link to the training videos is provided below. Additionally, OSU Extension occasionally provides training sessions for potential users.  It is recommended to review the training videos or attend a training session before using FARMS.

Who Should Use FARMS?

FARMS is suited for anyone involved in the farm transition planning process, from family members beginning their farm transition plan to professional advisors engaged in developing detailed transition strategies for clients.

Accessing FARMS

To begin using FARMS, interested users can download the file at the link provided below.  We request users complete an initial, short survey prior to downloading FARMS, as user feedback is important to the ongoing improvement of the spreadsheet.  FARMS is available at no cost due to the financial support of key partners including North Central Extension Risk Management Education and the National Agricultural Law Center.

Conclusion

FARMS offers a structured, organized approach to farm transition planning, allowing farm families and professionals to collect comprehensive, accurate information.  For additional information and to begin utilizing FARMS, visit Ohiofarmoffice.osu.edu and discover how FARMS can positively impact your farm’s transition planning efforts.

Links for FARMS

Training Videos are available here: https://www.youtube.com/@osufarmoffice

FARMS can be downloaded here: https://farmoffice.osu.edu/farmsspreadsheet

Upcoming FARMS Online Training Courses

Click on registration link to register for the course.

April 7 @ 10:00 am:   https://osu.zoom.us/meeting/register/oJmnwm-VQx6XjqvBh7J0aA

April 16 @ 10:00 am:  https://osu.zoom.us/meeting/register/iY9cLoJeQwS0rUHkHr3DpA

April 23 @ 1:00 pm:  https://osu.zoom.us/meeting/register/vT_-X56FQQqBT63fKUQW4g

May 2 @ 3:00 pm:     https://osu.zoom.us/meeting/register/KmbdTjq2SryLkYNOaevp3Q

Example screenshots of FARMS