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Farm Business Succession & Estate Planning

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  1. Farm Business Succession & Estate Planning Dave Goeller Deputy Director North Central Risk Management Center Transition Specialist University of Nebraska 402 472 0661 dgoeller@unl.edu

  2. Team • Bob Parsons, U. of Vermont • Jesse Richardson, Virginia Tech • Jeff Johnson, Texas Tech • Marsh Goetting, U. of Montana • John Baker, Iowa State • Dave Goeller, U. of Nebraska

  3. Contributors • Norm Dalsted, Colorado State • Gary Hachfeld, U. of Minnesota • Mike Sciabarrasi, U. of New Hampshire • Roger McEowen, Iowa State • Steve Richards, Cornell University • Danny Klinefelter, Texas A & M

  4. What are the Topics?

  5. What are the Topics? Goals Long-Term Care Estate Planning Financial Analysis Business Entities Values Retirement Missions Statements Gifting Strategic Business Plans Wills & Trusts Management Transfer Communication Fair vs Equal Decision Making Farm Business Meetings Conflict Resolution Legal Issues Titling of Assets Motivation Taxation Insurance

  6. What are the Topics? People IssuesTechnical Issues

  7. What are the Topics? People IssuesTechnical Issues Communication Estate Planning

  8. Do you want to have a “SUCCESSOR”?

  9. agrisk.umn.edu

  10. Estate Planning Key Questions • What do you own? • How is it Titled? • Who do you want to give it to? • When do you want to give it to them? • How long do you want to exert control? • What about Long Term Care?

  11. Urgent Not Urgent Important Not Important Time Management Matrix

  12. Resources • David Goeller, UNL Farm Transition Specialist • Phone: 402-472-0661 • Email: dgoeller@unl.edu • Joe M. Hawbaker, Attorney at Law • Phone: 402-558-3540 • Email: mjbaker@radiks.net • Nebraska Farm Hotline • Phone 800-464-0258

  13. Credits • David Aiken, Attorney at Law, • UNL Ag Econ Department • Phone: 402-472-1848 • John Baker, Attorney at Law • Iowa State University • Director of the Iowa Beginning Farmer Center • 800 447 1985 • Roger A. McEowen, Attorney at Law • Iowa State University • Associate Professor of Agricultural Law • Phone: 515 294 4076

  14. Need For Personal Legal Advice The information in this presentation and accompanying material is provided for educational purposes only. It is not a substitute for competent legal advice. Farmers and ranchers need professional legal and financial counsel in evaluating alternatives for legally structuring the farm business. This information is provided to help you better communicate with your professional advisors in analyzing your specific situation.