Presentation on theme: "Cooperative Extension Farm Business Succession & Estate Planning Dave Goeller Deputy Director North Central Risk Management Center North Central Risk Management."— Presentation transcript:
Cooperative Extension Farm Business Succession & Estate Planning Dave Goeller Deputy Director North Central Risk Management Center North Central Risk Management Center Transition Specialist University of Nebraska
Cooperative ExtensionTeam 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
Cooperative ExtensionContributors 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
Cooperative Extension What are the Topics?
Cooperative Extension What are the Topics? GoalsLong-Term Care Estate PlanningFinancial Analysis Business EntitiesValues RetirementMissions Statements GiftingStrategic Business Plans Wills & Trusts Management Transfer CommunicationFair vs Equal Decision MakingFarm Business Meetings Conflict ResolutionLegal Issues Titling of AssetsMotivation TaxationInsurance
Cooperative Extension What are the Topics? People IssuesTechnical Issues
Cooperative Extension What are the Topics? People IssuesTechnical Issues CommunicationEstate Planning
Cooperative Extension Do you want to have a “SUCCESSOR”?
Cooperative Extension agrisk.umn.edu
Cooperative Extension 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 ?
Cooperative Extension Time Management Matrix I.Activities Crisis Management Deadline Projects II. Activities Planning Relationship Building III.Activities Some Calls, Mail, Popular Activities IV. Activities Time Wasters Busy Work Urgent Not Urgent Not Important Important
Cooperative ExtensionResources David Goeller, UNL Farm Transition Specialist Phone: Joe M. Hawbaker, Attorney at Law Phone: Nebraska Farm Hotline Phone
Cooperative ExtensionCredits David Aiken, Attorney at Law, UNL Ag Econ Department Phone: John Baker, Attorney at Law Iowa State University Director of the Iowa Beginning Farmer Center Roger A. McEowen, Attorney at Law Iowa State University Associate Professor of Agricultural Law Phone:
Cooperative Extension 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.