Farm, small-business estate planning classes set

Do you want to be in charge of who gets your assets after you’re gone? Are you concerned about what your estate will cost your heirs? What are the best tools available to plan your estate?

These are just a few of the questions that will be answered at the Farm and Small-business Estate Planning workshop series the North Dakota State University Extension Service is sponsoring Monday, March 9 and 11. The sessions will run from 6 to 9 p.m. at the following locations across the state:

- National Energy Center of Excellence, 1299 Schafer St., Bismarck.

- Grand Forks County Extension office, 151 4th St. S., Suite 302, Grand Forks.

- Stutsman County Law Enforcement Center, 205 6th St. S.E., Jamestown.

- North Central Research Extension Center, 5400 U.S. Highway 83 S., Minot.

- Southeast Regional Career and Technology Center, 927 7th St. S., Oakes.

- McKenzie County Hospital, 516 Main St. N., Watford City.

“Due to the fact that farmers and businesses have some very unique estate issues, these sessions are geared to their specific needs,” says Willie Huot, a Grand Forks County Extension agent and one of the workshop’s coordinators. “The major increase in asset values, especially land, in the last several years has made this topic even more critical of late.”

The sessions will have a combination of presentations via the North Dakota Interactive Video Network and from local experts at each location.

Topics for the first session are: why plan your estate, who should be involved, what materials you’ll need, and the importance of communication among family members. The IVN presenter will be John Baker, Beginning Farmer Center, Iowa State University.

Session 2 will discuss farm business arrangements. It will explain the pros and cons of different types of business organizations for farmer and ranchers in North Dakota. The IVN presenter will be Terry Knoepfle, an associate professor in the College of Business at NDSU.

Session 3 will address farm estate and succession planning and tax and economic consequences of asset transfer strategies. Knoepfle will be the IVN presenter.

“It will be very important to attend all three sessions,” Huot says.

The early bird registration fee is $55 for individuals or $65 per couple or business (up to three people) if postmarked by Feb. 26. After that date, the cost is $75 per person and $85 per couple or business. Registration fees include materials and refreshments.

To register, call the Extension office listed for each site:

- Bismarck: Morton County, (701) 667-3340.

- Grand Forks: Grand Forks County, (701) 780-8229.

- Jamestown: Stutsman County, (701) 252-9030.

- Minot: Ward County, (701) 857-6444.

- Oakes: Dickey County, (701) 349-3249, ext. 2, or Sargent County, (701) 724-3355, ext. 5.

- Watford City: McKenzie County, (701) 444-3451.

Registration forms also are available at www.ag.ndsu.edu/anniesproject. Click on Farm and Small Business Estate Planning, then Estate Planning Registration Form at the bottom of the page.

Huot says anyone interested in attending the workshop should register as soon as possible because seating is limited at most of the sites.

For more information about the workshop, contact Huot at (701) 780-8229 or willie.huot@ndsu.edu.

Tags: farmers forum, ag calendar, agriculture, family