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Estate Plan Fundamentals for Farmers - Webinar

  • ID: 4745856
  • Webinar
  • March 2019
  • Region: Global
  • Lorman Business Center, Inc.
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Learn practical farm succession planning techniques to ensure your client's farm goes to the right recipients with little disruption to operation.

Estate planning for farmers offers special challenges and opportunities for the planner. In addition to having a working knowledge of wills, trusts, powers of attorney and other common estate planning documents, the planner needs to understand that the farm is a business. How the business is held, as a proprietorship or in one or more legal entities such as an LLC or corporation, and understanding, and often assisting in the formation of the succession plan for the business are critical aspects of the overall estate plan. The planner must possess a working knowledge of the income and transfer tax rules that may apply during lifetime and upon death of the farmer.

Learning Objectives
  • You will be able to define Special Use Valuation employed to reduce the value of the farm for Federal estate tax purposes.
  • You will be able to discuss family dynamics as it relates to the estate and succession plan for the farming operation.
  • You will be able to explain trusts and legal entities for farming families.
  • You will be able to recognize the need for succession planning for the farm and ways to address this need.
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The Basic Estate Plan
  • Wills and Revocable Trusts
  • Durable Powers of Attorney
  • Health Directives
Choice of Entity
  • Nontax Advantages and Disadvantages
  • C Corporation vs. S Corporations
  • Tax Advantages and Disadvantages
Transfer Tax and Tax Basis Considerations
  • What Does Portability Mean?
  • What Do Higher Exemptions Mean?
  • Valuation Discounts
  • Basis Step-up at Death
  • Lifetime Gifting With Annual Exclusions
  • Lifetime Gifting With Exemptions
  • Lifetime Sales
  • Other Tax Considerations
Life Insurance

Family Dynamics
  • Control, Decision Making Process, Succession Plan, Conflict Resolution and More
  • Children May Want to Leave the Farm for Greener Pastures
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Mark R. Shepherd - Crist, Biorn, Shepherd & Roskoph
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This webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, directors, financial planners, trust administrators, finance directors, business owners and managers.
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