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Workshop for Farm Businesses Designed to Aid in Evaluating Transition, Estate Plans Workshop set for January 9, 2018 in Emmetsburg

December 27, 2017
Emmetsburg News

Farmers are unique particularly as there isn't a distinct moment when they just walk out the workplace door to retirement as someone in a regular wage-earning job might do. Rather, farm families often need to think about how to transition the farm business to the next generation during lifetime, as well as having an estate plan in place.

Kelvin Leibold, an ISU Extension Farm & Agribusiness Management Specialist will be the featured speaker at the workshop. Leibold joined ISU Extension in 1987 and has vast experience in working with agricultural clients in farm and business planning.

According to Leibold, "There are options particularly suited for consideration by farm families, different ways to transition farm management and assets. This program helps farm families plan for the future." The workshop will discuss the language of estate planning, gift, estate & inheritance taxes, calculating retirement costs, and many other areas vital to creating a good estate plan.

"Talking about transitions and estate planning is difficult for most people and especially for farm families," says Melissa O'Rourke, the Iowa State University Farm & Agribusiness Management Specialist in Northeast Iowa. "And actual implementation of a transition plan can be even harder."

That's why Iowa State University Extension offers an "Evaluating Your Estate Plan" workshop to answer transition and estate planning questions and help families prepare for the future. The one-day workshop will be held on January 9, 2018 at Extension Office in Emmetsburg from 9:30am to 4pm.

"Families and individuals should plan adequately to protect assets that they have built over a lifetime of hard work" according to O'Rourke.

"We're really excited about this workshop because it doesn't just stop at providing valuable information for anyone concerned about estate and transition plans," says Strohman. "Everyone will participate in a hands-on analysis and discussions of case studies that will help folks apply the information to their own situations."

Anyone who is unsure of how to build a transition plan or what options are best for their farm operation and family should attend this workshop.

The workshop will be held at the Palo Alto County Extension and Outreach Office with registration starting at 9:00 am and adjournment at 4:00 pm. Advance registration is required and space is limited to the first twenty-four registrants. The Evaluating Your Estate Plan workshop costs $50 per person and includes lunch and materials. To pre-register call the Palo Alto County Extension and Outreach office at 712-852-2865 or email Angie Strohman, Program coordinator at angies@iastate.edu. Please pre-register by January 2, 2018.

 
 
 

 

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