Estate planning conferences set at Yankton, ChamberlainSustaining the Legacy conferences also help people who seek transition of their farm or ranch from one family member to another.
By: News release, SDSU Extension
Yankton and Chamberlain/Oacoma 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:
Yankton: Nov. 6, 7, 13 and 14 at JoDeans, 2809 Broadway Ave.
Chamberlain/Oacoma: Nov. 8, 9, 15 and 16 at Cedar Shore Resort, 1500 Shoreline Drive, Oacoma.
The training costs $75 per person. Registration is required by Oct. 30. The registration form and more information can be found 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 four-day program 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. Both on- and off-farm heirs are 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.
“SDR&PC is proud to be one of the sponsors for this year’s estate planning workshops. With rising land values and profit margins, estate planning has never been more important,” said Doug Hanson, an SDSRPC board member and a past participant of the conference. “My wife and I have attended these workshops in the past and have found them very informative.”
Call Gessner at her Sioux Falls Regional Extension office with questions at (605) 782-3290, or e-mail her at firstname.lastname@example.org.