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 a workshop on the topic on Jan. 28. Leibold joined ISU Extension in 1987 and has vast experience in working with agricultural clients in farm and business planning.
“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," Leibold said.
The workshop will discuss the language of estate planning, gift, estate and inheritance taxes, calculating retirement costs and many other areas vital to creating a good estate plan.
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 from 9:30 a.m. to 4 p.m. on Jan. 28 at the extension office in Emmetsburg.
“Families and individuals should plan adequately to protect assets that they have built over a lifetime of hard work” O’Rourke said.
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.
“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,” Strohman said. “Everyone will participate in a hands-on analysis and discussions of case studies that will help folks apply the information to their own situations.”
Advance registration is required and space is limited to the first 24 registrants. The Evaluating Your Estate Plan workshop costs $50 per person and includes lunch and materials. The deadline to register is Jan. 22. To pre-register, call the Palo Alto County Extension and Outreach office at 712-852-2865 or email Angie Strohman, program coordinator, at firstname.lastname@example.org.