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A Lasting Legacy course #1 from
RightRiskTM
Rodney Sharp, Colorado State University
Cooperative Extension, John P. Hewlett, University of Wyoming
Cooperative Extension, and Jeffrey E. Tranel, Colorado State
University Cooperative Extension, July 2007.
A two-hour CD and internet-based course covering 1)
Intergeneratational Relationships- Parent/Adult Child Relationships and
Managing Intergenerational relationships, 2) Legacy Components- Values
and Life Lessons and Personal Possessions of Emotional value in two
modules and four lessons. Also included are a glossary, resource links for
further research, and many other features.
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A Lasting Legacy course #2 from
RightRiskTM
Jeffrey E. Tranel, Colorado State University
Cooperative Extension, John P. Hewlett, University of Wyoming
Cooperative Extension, and Rodney Sharp, Colorado State
University Cooperative Extension, July 2007.
A two-hour CD and internet-based course covering 1) Final Wishes
and Instructions- End-of-Life Issues, Pre-Death Wishes, and Final
Instructions, 2) Financial Assets and Real Estate- Estate Planning,
Financial Planning, and Transferring Real Property across two modules
and six lessons. Also included are a glossary, resource links for
further research, and many other features.
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- Developing
a Written Transfer Plan
Erlin J. Weness, University of Minnesota Extension Service, 1994
Developing a written transfer plan is an important part of a successful farm transfer.
It forces discussion between involved individuals. It clears up questions and
misunderstandings.
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- Estate
Planning: An Overview
Kathy Boyd, Eric Peterson and Norm
Dalsted, Cooperative Extension Service Colorado State University,
December 1999
Statistics
indicate that only three out of ten farm/ranch estates are
successfully transferred to the next generation.
With the current estate/inheritance laws and regulations, if
planning for the future is not a high priority, your "stuff will
go somewhere" but not likely where you . . .
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- Estate
Planning: an Idaho Guide
Elizabeth Brandt, Linda Kirk Fox and Jeffrey A. Maine, University of Idaho
Cooperative Extension System, January 1997
This publication will help you be an informed consumer of estate planning services.
Decisions you make about your estate plan will have long-term effects on you, your spouse,
your partner and your children.
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- Estate
Planning: Your Will
A.M. Morrow, Oregon State University Extension Service, April 1994
A properly drawn will simplifies the administration of an estate, minimizes costs, and
minimizes family conflict over property distribution.
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- Grooming Your
Successors: Notes on Handing Over the Farm
Lorne Owen, Canadian Ministry of Agriculture, February 1999
While some people might joke that transferring ownership of the family farm to the
next generation is a form of child abuse, passing the farm down to one's children is still
the dream of most farmers.
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- How
to be Fair With Off-Farm Heirs
Erlin J. Weness, University of Minnesota Extension Service, 1994
One of the most difficult questions many retiring farm families face is how to get a
young son or daughter started farming while being fair to the off-farm, non-farming heirs.
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- Income
Tax Implications of the Sale of a Farm
Frank E. Smith, Virginia Cooperative Extension, 1997
The seller of an entire farm business is particularly vulnerable to income tax because
there is a surge in taxable income when a farm is sold.
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- Intestate
Succession in Farming and Ranching
Paul H. Gessaman and J. David Aiken, University of Nebraska Cooperative
Extension, August 1995
What happens if you die without a will? If you have property held in single ownership
(often called fee simple ownership) and you die without leaving a valid will, succession
of ownership of your estate will occur under the laws of intestate succession.
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- Key Elements of
An Estate Plan: An Overview
Norman L. Dalsted and Rodney L. Sharp, Colorado State University,
October 2007
Estate planning
is "information intensive."
If all the relevant data on a family's situation is not accurately
assembled before work begins, there is a high risk that the initial
plans and the documents drafted to carry out the plans won't be exactly
right. . . .
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- Planning
an Orderly Exit from Business
David M. Kohl, Alex White, Dixie W. Reaves, & Amanda Wilson, Virginia
Cooperative Extension, 1996
If a person is considering liquidating the business, there are many factors that must
be taken into account including, deferred taxes, source of alternative employment, cost of
living, stage of personal life cycle, retirement, and family goals and emotions.
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- Protecting
the On-Farm Heirs
Erlin J. Weness, University of Minnesota Extension Service, 1994
The farm business can be a fragile structure. The high risk nature of farming coupled
with huge start-up costs and narrow margins dictate the need for safeguards to protect the
farming heirs.
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- Succession Planning
Linda Kirk Fox, University of Idaho Cooperative Extension System, January
1997
This planner will help you get an overview of a complex and delicate situation for any
family and business. It is designed as a checklist of the steps which will involve family
discussion, gathering of vital information, and further investigation of alternatives.
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- Ten Rules
of Transition Management
David M. Kohl, Alex White, Dixie W. Reaves, & Amanda Wilson, Virginia
Cooperative Extension, 1996
The issue of family business generational transition is a major topic of discussion as
farm businesses are positioning themselves for success in the late 1990s.
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- The
Basics of Estate Planning
Frank Smith, Virginia Cooperative Extension, 1997
Estate planning is both a right and responsibility: a right granted by state and
federal laws and a responsibility imposed by society, family relationships, and ownership
of property.
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- The
Revocable Living Trust
Erlin J. Weness, University of Minnesota Extension Service, 1994
Estate planners often advise farmers to put property into living trusts. Though these
trusts have been available for years, they are enjoying renewed popularity because they
can save probate costs.
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- Two Generation
Farming: Making it Work
Don Hofstrand, Iowa State University, University Extension, April 1994
The underlying success of a business agreement depends upon healthy family
relationships. Probably more two-generation business arrangements fail because of poor
family relations than any other reason.
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- Two
Generation Farming: Selecting a BusinessAggrement
Don Hofstrand, Iowa State University, University Extension, April 1994
To successfully transfer your business to the next generation, you must select the
proper business transfer agreement or series of agreements for your situation.
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- Using
a Will in Farm and Ranch Estate Planning
Paul H. Gessaman, University of Nebraska Cooperative Extension, 1995
A will is the most frequently used estate planning "tool"
for setting up inter-generational succession or lateral succession in property ownership.
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- What
Will Happen to the Farm?
Frank Smith, Virginia Cooperative Extension, 1997
First, identify the problems and some possible solutions to the
problems; how to allow parents to retire, how to allow son to become the farm manager, how
to be fair to off-farm children, how to minimize taxes, and how to keep the farm operating
profitably during the transition.
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