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'This Program Saved Me $1 Million'

'This Program Saved Me $1 Million'

Valuable estate planning and farm transition workshop set to begin in western South Dakota.

"Producers have told me that the value of this program was $1 million, due to the changes they made to their estate plan and the reduction of potential estate taxes," says Heather Gessner, South Dakota State University Extension farm management specialist, who is organizing an a series of estate planning and farm transition workshops that will be held in western South Dakota.

The session will be held in Lemmon Oct. 22, 23, 29 and 30 and in Phillip on Oct. 25 and 26 and Nov. 1 and 2. Registration is $75 per person. The deadline for signing up is Oct. 15.

'This Program Saved Me $1 Million'

"Each session is filled with important information that can help farm and ranch families address questions they may face as parents or grandparents get older and consider their legacy," says Gessner

Each day of the four-day program is full of tools and how-to information families can use to create and implement their individualized plan, no matter how big or small the operation. Topics for the sessions cover communication styles, business structures, goals, asset distribution, wills and probate, retirement planning and funding, fair versus equal distribution, tax implications for the operation, life insurance, long-term care insurance, trusts, and other topics as determined by the audiences.

All family members are encouraged to attend the sessions. Both on- and off-farm heirs are invited to learn about the tools and participate in the discussions.

"Past participants have used this conference to interview attorneys and insurance agents while they are presenting the basics of using the many tools available to them," Gessner says. "If you are making plans to retire or becoming a partner in the operation, or if you own farm or ranch assets, this program is a great start for you. Our goal is to give you the tools to develop your estate plan and the motivation to get started, combined with some gentle nudging that keeps you moving forward with the process."

Partial funding for this program is provided by the South Dakota Soybean Research and Promotion Council.

For more information or to register, contact Gessner at 605-782-3290, or heather.gessner@sdstate.edu.

Source: SDSU

TAGS: Extension
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