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“ Helping Ohio Farm Families Transfer their Farm ” PowerPoint PPT Presentation


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“ Helping Ohio Farm Families Transfer their Farm ”. David L. MarrisonAssociate Professor Chris BruynisAssistant Professor Mike GastierExtension Educator. 2012 National Women in Agriculture Conference Thursday, March 29, 2012.

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Helping ohio farm families transfer their farm

“Helping Ohio Farm Families Transfer their Farm”

David L. MarrisonAssociate Professor

Chris BruynisAssistant Professor

Mike GastierExtension Educator

2012 National Women in Agriculture Conference

Thursday, March 29, 2012


Why don t farm families plan better for the transition of their farm business

Why don’t farm families plan better for the transition of their farm business?


Need for workshop

With the expiration of the Bush era tax cuts in 2010 and the subsequent reduction of the federal estate tax (decrease to $1 million exemption in 2013), farmers are confused and concerned that they needed to adjust their tax planning strategies.

Ohio eliminated their Ohio Estate tax to begin in 2013 which will effect earlier written estate plans.

Research has shown the lack of estate planning across Ohio. 

Need for Workshop


Educational initiative

With the increased interest in estate planning, OSU Extension Educators created a curriculum notebook and PowerPoint presentations addressing current information on family communication strategies, checklists of documents needed, different estate planning tools with their tax ramifications, business continuity with off-farm heir strategies, and long-term care issues.

The educational material was presented in 5 one day workshops (n=121) followed by individual consultation if requested by the farm family.

Additional workshops are planned for 2012.

Educational Initiative


Workshop objectives

To increase participants’ ability and confidence level when initiating conversations about farm estate planning with their families.

To provide an overview of estate planning tools available and increase participants’ understanding of these tools.

To provide ideas and viable business solutions to protect the farm business and allow for equitable treatment of off-farm heirs.

To increase the awareness of long-term care and how it may affect estate transfer and long term care insurance decisions.

Workshop Objectives


Presentation titles

Let’s Talk!

Getting Your Business Affairs in Order

The Cost of Doing Nothing

Estate Planning for Family Farms

Building for the Successful Transition of Your Agricultural Business

Medicaid Planning

Long Term Care Issues: Keeping the Family Farm in the Family

Documenting Your Assets

Presentation Titles


Knowledge measures

Measure 1: I have ideas on how to start a conversation with my family about estate planning

Measure 2: I understand that communication is an important part of farm transition

Measure 3: I know what documents I should have organized

Measure 4: I plan to get my documents organized and have a family meeting

Measure 5: I understand the different estate planning tools

Knowledge Measures


Knowledge measures1

Measure 6: I understand tax issues related to my estate

Measure 7: I have ideas on how to address off-farm heirs

Measure 8: I understand long-term care issues

Measure 9: I have ideas for addressing long-term care issues

Measure 10: I understand the different business transfer strategies that can be implemented

Knowledge Measures


Knowledge measures2

Knowledge Measures


Knowledge gain

Knowledge Gain


Top reported gains 1 37 to 1 95

Measure 4: I plan to get my documents organized and have a family meeting 1.95

Measure 5: I understand the different estate planning tools 1.94

Measure 8: I understand long-term care issues-1.86

Measure 1: I have ideas on how to start a conversation with my family about estate planning-1.85

Measure 3: I know what documents I should have organized-1.82

Top Reported Gains (1.37 to 1.95)


Other results

95% of the families indicated they plan to hold an intergenerational family meeting

84% of the families indicated they planned to follow-up with their attorney to make changes to their estate plan.

15 individual phone consultations held and three family mediation meetings. 

Other Results


Transition succession resources

12 OSU Extension fact sheets available. They can be found at: http://ohioline.osu.edu/bst-fact/index.html

“Transferring Your Farm Business to the Next Generation” Bulletin. It can be found at: http://ohioline.osu.edu/lines/bulls.html

Ohio Farm Succession Web Site

http://ohiofarmsuccession.wordpress.com/

Transition/Succession Resources


Estate planning resources

12 OSU Extension fact sheets developed. Can be found at:

http://ohioline.osu.edu/ep-fact/index.html

IRS Form 706

http://www.irs.gov/pub/irs-pdf/i706.pdf

Estate Planning Resources


Helping ohio farm families transfer their farm

http://ohioline.osu.edu/estate

http://ohioline.osu.edu/ep-fact/index.html


Helping ohio farm families transfer their farm

http://www.ca.uky.edu/agc/pubs/fcs5/fcs5422/FCS5422.PDF


Helping ohio farm families transfer their farm

http://ohioagmanager.osu.edu


Acknowledgements

The authors would like to thank attorneys Paul Wright, Robert Moore, Kelly Brakefield Moore and Jim Leonard from Wright Law Company for resourcing the meetings.

Acknowledgements


For more information

David MarrisonChris Bruynis

39 Wall Street475 Western Ave., Suite F

Jefferson, Ohio 44047Chillicothe, OH 45601

440-576-9008740-702-3200

[email protected]@osu.edu

For More Information


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