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INFORMATION FROM ROBIN KLEMM, OSU MARSHA GOETTING, MSU PRESENTATION DESIGNED BY JOHN FOUTS, WSU AARON ESSER, WSU
WELCOME
You are the steward of a legacy that has a life of its own and a value beyond you
WELCOME
Who best can decide the next chapter in your family farm business?
Not ignore problems Keep communication lines open Get help from advisors Develop a sensible plan Ask the hard questions
1. 2. 3. 4. 5. 6. 7.
Initiate the discussion Take stock of the present Develop objectives Choose professional advisors Consider alternatives Implement the plan Review and modify
CHOOSING A LAWYER
YES
NO
CHOOSING A LAWYER
CHOOSING A LAWYER
CHOOSING A LAWYER
Farm succession planning is a specialized area, your current lawyer may not have the training or expertise to give you the help you need
They may think they know what theyre talking about but they dont necessarily
CHOOSING A LAWYER
Lawyer should have significant experience with multi-generational estate planning, family business structures, estate and trust tax issues
Look for one who has at least 10 years of experience in estate planning!
CHOOSING A LAWYER
Expertise Experience Trust Your past experiences Recommendations Do your research First free consultation
WORD ofMOUTH
WORD-of-MOUTH
Gut instinct
Im an Agronomist!
Seed rates I too want Herbicide rates a list! Fertilizer rates Seed date Variety Tillage history Crop history Herbicide application history.
Gives you clarity and confidence Saves time, money, and frustration Enables your lawyer to best serve you Ensures the final product is complete and what you want Allows you both to get right to the work of succession planning
1.
2.
3.
PREPARATION
Personal information
Names Birth dates Addresses Occupations Social security numbers
PREPARATION
Real estate
Type of property Size Location Description Year acquired Cost How titled Market value
PREPARATION
PREPARTATION
Bank accounts
Name and location of institution Account numbers Exact names on accounts Balances How titled on signature card
PREPARATION
PREPARATION
Life insurance
Company and address Policy number Face amount and supplemental values Cash value and any outstanding policy loan Exact names of owner, insured and beneficiary
EXACT NAME!
PREPARATION
Trusts
Type Location Trustee Who established Exact name of beneficiary Value of trust property
PREPARATION
PREPARATION
PREPARATION
PREPARATION
PREPARATION
Retirement benefits
Pensions Profit sharing Deferred compensation Individual retirement accounts Social security Qualified domestic relation orders Amount invested Accrued benefits Annual benefits Death benefits
PREPARATION
Taxable gifts
Amounts When made
PREPARATION
PREPARATION
RELEVANT INFORMATION
Family chart (ages, marriages, special needs) Farm operations chart Who owns the farm & in what proportions Organizational chart (if more than farm business) Gifting & asset transfer strategies Long term care policies List of consultants and advisors and contact info. Working statement of net worth
COMMUNICATION
Have you asked each family member where they would like to see the family farm in 10, 20 years? What succession topics are easiest to discuss with family members? What topics are the hardest? Are you willing to get them on the table? Do you need a facilitator to help you?
How do you want to adjust/equalize estate planning? What are your intentions for transfersale, gifting? What are the skill sets of my children, nieces, nephews, etc. who want to continue operating the farm? How do you groom them for ownership? Are there grandchildren that might be interested in the farm, and if so, how do you manage the interim until they are ready?
What is your vision for your family farm? How and when do you want to retire? Which family members are identified for succession? What do you want for the nonsuccessors? What is important to you about the succession process?
TRUST
Questions?