Aberdeen, Sioux Falls and Mitchell will be the sites for a series of South Dakota State University Extension training sessions which will focus on estate planning.
Sustaining the Legacy conferences also help people who seek transition of their farm or ranch from one family member to another. Extension staff and industry professionals will help participants develop the tools they need in order to face estate-planning challenges with less stress.
The sessions will be hosted in Aberdeen on March 12, 19, 26 at the Aberdeen Regional Extension Center.13 2nd Ave. SE; in Sioux Falls on March 13, 20, 27 at the Sioux Falls Regional Extension Center, 2001 E. 8th Street; and in Mitchell on March 14, 21, 28 at the Mitchell Regional Extension Center,821 North Capital Street.
The training costs $75 per person. Registration is required by March 6th. To register, call Livestock Business Management Field Specialist, Heather Gessner at 605-782-3290. You can find the brochure and registration form at www.igrow.org.
“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,” said Gessner, who is organizing the conferences. “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.”
Each day of the three-session programs 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.
“Many of the past participants have utilized the information from the conference to reduce potential estate taxes and ensure that their operation is passed down to the next generation in a smooth, hassle free transition,” Gessner said.
All family members are encouraged to attend the sessions, and on- and off-farm heirs are also 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 said. “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.
Source: SDSU Extension