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Passing It On: An Estate Planning Resource for Farmers and Ranchers. Cole Ehmke Extension Specialist Department of Agricultural and Applied Economics. National Extension Risk Management Conference . 17 April 2007 Phoenix, AZ. Observed Need. Development objectives:

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Passing It On: An Estate Planning Resource for Farmers and Ranchers

Cole Ehmke

Extension Specialist

Department of Agricultural and Applied Economics

National Extension

Risk Management Conference

17 April 2007

Phoenix, AZ


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Observed Need

Development objectives:

  • show how to deal with some of the difficult personal issues

  • provide exercises and checksheets to set goals and move forward

  • provide background on the primary tools used to implement a plan

  • list Wyoming resources to assist in the process.


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Development

Development Team (organization and content)

  • Lucy Pauley and Carolyn Paseneaux, Wyoming Department of Agriculture Mediation

  • Alan Schroeder and Cole Ehmke, University of Wyoming Extension

    Partners (content)

  • Legal and content experts, estate planning advisors, insurance representatives

  • Initially potential partners were indifferent; now enthusiastic


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Estate Planning Process

  • Discover Expectations: communicate goals, issues, concerns, etc. of all parties

  • Take Stock: Personal net worth statement

  • Examine Options/Tools

  • Agree to the Plan


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Baseline Components

  • Someone has to initiate the dialogue

  • Develop shared goals

    • Outline your interest first, then share (don’t assume)

    • Be fair, inclusive and over-communicate

  • Centralize information

  • Assess tools and visit professionals (after goals are set)

  • Get it done (agree to the plan, and implement it)


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Content

Chapter 1 Introduction

Chapter 2 Success Stories

Chapter 3 Establishing an Estate Plan

Chapter 4 Developing Common Goals

Chapter 5 Taking Stock of the Estate

Chapter 6 Succession Planning

Chapter 7 Tools

Chapter 8 Coming to an Agreement

Chapter 9 Resources


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Chapter 1

Introduction by Lucy Pauley

  • Introduction to estate planning

  • Common problems

  • Project objectives


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Estate PlanningDefining the Term

It is the process of accumulating, preserving and distributing assets to achieve the financial goals of people during their lifetimes, and to provide for their heirs according to the estate owner’s wishes at death.


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Chapter 2

Success Stories

  • Story 1: Harding & Kirkbride Livestock Co., Meriden, WY

  • Story 2: The Sims Ranch, McFadden, WY

  • Story 3: Johnsen Farm, New Jersey


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Chapter 3

Establishing an Estate Plan for Your Family’s Farm or Ranch Business – Initiating the Dialogueby Alan Schroeder

  • Material is mediation based

  • Addresses why these conversations are difficult

  • Guides the initiator and provides process and three approaches


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Chapter 4

Developing Common Goalsby Cole Ehmke

  • Emphasizes the importance of shared goals

    • Outline your interest first, then share (don’t assume)

  • Lists typical goals and provides worksheets to rank


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Chapter 5

Taking Stock of the Estateby Cole Ehmke

Addresses three parts of taking stock of an estate:

  • Identify assets and liabilities in the estate

  • Locate papers and documentation

  • Establish a personal net worth statement

    Excel spreadsheet is available (online)


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Chapter 6

Succession Planning

  • Transfer of management (and choosing a successor)

  • Transfer of ownership

  • Transfer of labor


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Chapter 7

Toolsby assorted professionals

  • Wills

  • Probate

  • What Everyone Should Know About Trusts

  • Estate Planning and Life Insurance

  • Gifting

  • Effects of Title Ownership of Property

  • Annuities

  • The Federal Estate Tax

  • Conservation Easements

  • Advanced Health Care Directives

  • Glossary


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Chapter 8

Coming to a Good Agreement Regarding an Estate Plan for your Family’s Farm or Ranchby Alan Schroeder

  • Mediation based

  • Guides how to conduct a family meeting(s) on the final estate plan

  • Provides three possible approaches

  • Outlines a specific negotiation technique which addresses some of the concerns raised by other methods.


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Chapter 9

Resources

  • Lists professional organizations (specific to Wyoming)

  • Lists other estate planning publications (both general and specific to agriculture)


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Distribution

  • Hard Copy (mail order for $10)

  • Electronic (free): http://ces.uwyo.edu/passingiton.asp

  • Workshops

    • 10 winter workshops; reached 142 farmers/ranchers

    • 2 hours each, with legal professional


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Future Work

Expand content

  • Non titled (personal) property distribution

  • Philanthropy

  • Funeral planning

  • Retirement planning

    Assess success

  • Survey of users


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For additional information on Passing It On, personal resource management and agricultural diversification, contact

Cole Ehmke

Department of Agricultural and Applied Economics

University of Wyoming, Laramie, WY

(307) 766-3782

[email protected]

ces.uwyo.edu/passingiton.asp


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