“ 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.
“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
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.
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.
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.
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
Long Term Care Issues: Keeping the Family Farm in the Family
Documenting Your Assets
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
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
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
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.
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
12 OSU Extension fact sheets developed. Can be found at:
IRS Form 706
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.
David MarrisonChris Bruynis
39 Wall Street475 Western Ave., Suite F
Jefferson, Ohio 44047Chillicothe, OH 45601