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Retirement and Estate Planning for Farm Women

Retirement and Estate Planning for Farm Women. 2008 National Women in Agriculture Educators Conference Oklahoma City, Oklahoma April 1, 2008. Presented by Ruth Hambleton Extension Educator Farm Business Management & Marketing Mt. Vernon Extension Center University of Illinois Extension.

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Retirement and Estate Planning for Farm Women

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  1. Retirement and Estate Planning for Farm Women 2008 National Women in Agriculture Educators Conference Oklahoma City, Oklahoma April 1, 2008 Presented by Ruth Hambleton Extension Educator Farm Business Management & Marketing Mt. Vernon Extension Center University of Illinois Extension

  2. Situation • By way of evaluation, women attending Annie’s Project convey their specific needs for in-depth follow-up educational programs • Grain and Livestock Marketing • Keeping farm financial records on computers • Grain inventory management • Retirement & Estate Planning

  3. Retirement and Estate Planning for Farm Women • One day program (9 a.m. to 3:00 p.m) • Six hours in length • Taught by teams of professionals & educators • Women pay $25 registration fee collected by host • Introduction of instructor and participant is by self-disclosure

  4. Ground Rules • Safe harbor • Discovery • Guided intelligence • Connection

  5. Program Goal • To empower farm women to take active roles in planning for retirement and transition issues involving family farms. • Managing income generating farm assets. • Managing mix of income generating assets, Social Security, retirement accounts, and pension plans. • Anticipating needs for cash in retirement

  6. Program Goal • To empower farm women to take active roles in planning for retirement and transition issues involving family farms. • Communicating between generations and within families • Fair and equity issues • Selecting the right mix of estate planning tools • Wills • Trust • Titles of property • Insurances • Powers of attorney/authorized signature

  7. Estate Planning Topics • Wills, trusts, charities, business organization, property titling and other tools of estate planning • Valuation of an estate • Balancing estates and gifting • Life insurance options • Difference between fair and equitable and getting it right • Communications and organization—two essential elements of estate planning Speakers divide topics according to their expertise & experience

  8. Retirement Topics • How many families will be living off the land? • Retirement planning • Financial checkup—do you have enough money to retire? • Long term health care issues and powers of attorney • Social Security issues for farm women • Goal setting • Finding the right set of professionals

  9. Partners in Delivery • Attorneys • Insurance Providers • Certified Financial Planners • Certified Public Accounts • Educators Mostly in kind contributions of their professional time Registration fee helps pay their mileage Food items paid out of registration fee

  10. Funding $4,000 40 participants 3 meetings Illinois Risk Management Agency

  11. Support Partners Illinois Agri-Women

  12. Evaluation • Meeting expectations: • 4.9 on a five point scale (5 highest rating) • What they find valuable: • Audience interaction and experience • Professionals who know something about farming • What they are motivated to do following their education: • Look at how their property is titled • Review owners of insurance policies • Draw up (review) wills and powers of attorneys • Inventory their estates • Start early with retirement savings • Share what they’ve learned with family members

  13. Your Questions Ruth Hambleton Extension Educator Farm Business Management & Marketing 4112 N Water Tower Place Mt. Vernon, IL 62864 (618) 242 9310 (618) 242 9433 Rhamblet@uiuc.edu www.farmdoc.uiuc.edu

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