SDSU Extension staff offers unique workshops to answer
questions involved with estate planning and aid in planning for farm
transitions. The Sustaining the Legacy-Estate Planning and Farm Transitions
Conferences, developed for all parties involved in the farm or ranch operation
will be held in Milbank, beginning March 6.
As the average age of South Dakota producers continues to
climb; the value of the estate climbs as well. Gessner said this can result in
situations where the next generation planning to take over the operation are
unable to afford to buy it outright without some type of business structure,
purchase plan, and/or estate plan.
"Producers have invested years in their operation. I know
three days sounds like a lot of time to invest in a workshop, but think of it
as an investment in the future of your operation, just like the time you invest
selecting your next herd sire or seed variety," Gessner said.
The conference provides farmers and ranchers with three days
full of information on creating their plan no matter how big or small the
operation. Presentations are given by industry experts and SDSU Extension
staff. The conference will cover the following topics: business structures, goals,
asset distribution, wills and probate, retirement planning and funding, fair
versus equal distribution, taxes, life insurance, long term care insurance and
trusts.
All members involved in the operation encouraged to attend
together.
More reasons to attend:
- Preservation of assets in case long-term care facilities
are needed for any of the family members involved in the operation.
- Many producers do not have heirs coming back to the
operation. In these cases the disposal of the assets needs to occur in a manner
that provides income and stability throughout retirement.
- Large operations have tax concerns that must be addresses
to help preserve the operation.
- Confusion and uncertainty about the tools available and
where to go for assistance putting the plan together is high.
Sessions will begin at 10 a.m. March 6, 13 and 20, 2019 at
the Grant County Community Room in the Courthouse basement (210 East 5th
Avenue) in Millbank. Lunch and breaks are included each day.
To register, visit the events page and search by the first
date of the event. For additional information, contact Gessner at 605-782-3290.