BROOKINGS, S.D. -- South Dakota State University Extension's Sustaining the Legacy-Estate Planning and Farm Transitions Conferences, developed for all parties involved in the farm or ranch operation, will be held in several locations throughout South Dakota beginning Jan. 7.
"These workshops will provide attendees with information on how to pass their operation on to the next generation; to develop a fair estate plan for all heirs; reduce family friction due to the transition of assets; develop a plan that maintains privacy; and develop a plan that fulfills their goals for the operation," says Heather Gessner, SDSU Extension livestock business management field specialist.
Why it's necessary
As the average age of South Dakota producers continues to climb, the value of the estate climbs, as well, creating situations where the next generation to the operation could not afford to buy it outright without some type of business plan, purchase plan or estate plan, Gessner says.
"Producers have invested years in their operation," she says. "I know three days is a lot to be away, 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."
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The conference provides farmers and ranchers with three days full of information on creating their plan, no matter how big or small the operation.
The conference will also cover 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 are encouraged to attend together.
• Lemmon: SDSU Extension Regional Center (408 8th St. W), Jan. 7, 14 and 21.
• Mitchell: SDSU Extension Regional Center (1800 E. Spruce St.), Jan. 7, 14 and 21.
• Aberdeen: SDSU Extension Regional Center (13 Second Ave. SE), Jan. 9, 16 and 23.
• Winner: SDSU Extension Regional Center (325 S. Monroe St.), Jan. 9, 16 and 23.
• Yankton: JoDean's, (30653 US Highway 81), Feb. 11, 18 and 25.
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• Huron: Location is to be determined; check www.igrow.org , Feb. 13, 20 and 27.
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 addressed to help preserve the operation.
• Confusion and uncertainty about the tools available and where to go for assistance putting the plan together is high.
For registration brochures, visit the www.igrow.org event tab and find the location nearest you. For additional information or to register, contact Gessner at 605-782-3290, heather.gess ner@sd state.edu.
