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“ Helping Ohio Farm Families Transfer their Farm ”

“ Helping Ohio Farm Families Transfer their Farm ”. David L. Marrison Associate Professor Chris Bruynis Assistant Professor Mike Gastier Extension Educator. 2012 National Women in Agriculture Conference Thursday, March 29, 2012.

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“ Helping Ohio Farm Families Transfer their Farm ”

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  1. “Helping Ohio Farm Families Transfer their Farm” David L. Marrison Associate Professor Chris Bruynis Assistant Professor Mike Gastier Extension Educator 2012 National Women in Agriculture Conference Thursday, March 29, 2012

  2. Why don’t farm families plan better for the transition of their farm business?

  3. With the expiration of the Bush era tax cuts in 2010 and the subsequent reduction of the federal estate tax (decrease to $1 million exemption in 2013), farmers are confused and concerned that they needed to adjust their tax planning strategies. Ohio eliminated their Ohio Estate tax to begin in 2013 which will effect earlier written estate plans. Research has shown the lack of estate planning across Ohio.  Need for Workshop

  4. With the increased interest in estate planning, OSU Extension Educators created a curriculum notebook and PowerPoint presentations addressing current information on family communication strategies, checklists of documents needed, different estate planning tools with their tax ramifications, business continuity with off-farm heir strategies, and long-term care issues. The educational material was presented in 5 one day workshops (n=121) followed by individual consultation if requested by the farm family. Additional workshops are planned for 2012. Educational Initiative

  5. To increase participants’ ability and confidence level when initiating conversations about farm estate planning with their families. To provide an overview of estate planning tools available and increase participants’ understanding of these tools. To provide ideas and viable business solutions to protect the farm business and allow for equitable treatment of off-farm heirs. To increase the awareness of long-term care and how it may affect estate transfer and long term care insurance decisions. Workshop Objectives

  6. Let’s Talk! Getting Your Business Affairs in Order The Cost of Doing Nothing Estate Planning for Family Farms Building for the Successful Transition of Your Agricultural Business Medicaid Planning Long Term Care Issues: Keeping the Family Farm in the Family Documenting Your Assets Presentation Titles

  7. Measure 1: I have ideas on how to start a conversation with my family about estate planning Measure 2: I understand that communication is an important part of farm transition Measure 3: I know what documents I should have organized Measure 4: I plan to get my documents organized and have a family meeting Measure 5: I understand the different estate planning tools Knowledge Measures

  8. Measure 6: I understand tax issues related to my estate Measure 7: I have ideas on how to address off-farm heirs Measure 8: I understand long-term care issues Measure 9: I have ideas for addressing long-term care issues Measure 10: I understand the different business transfer strategies that can be implemented Knowledge Measures

  9. Knowledge Measures

  10. Knowledge Gain

  11. Measure 4: I plan to get my documents organized and have a family meeting 1.95 Measure 5: I understand the different estate planning tools 1.94 Measure 8: I understand long-term care issues-1.86 Measure 1: I have ideas on how to start a conversation with my family about estate planning-1.85 Measure 3: I know what documents I should have organized-1.82 Top Reported Gains (1.37 to 1.95)

  12. 95% of the families indicated they plan to hold an intergenerational family meeting 84% of the families indicated they planned to follow-up with their attorney to make changes to their estate plan. 15 individual phone consultations held and three family mediation meetings.  Other Results

  13. 12 OSU Extension fact sheets available. They can be found at: http://ohioline.osu.edu/bst-fact/index.html “Transferring Your Farm Business to the Next Generation” Bulletin. It can be found at: http://ohioline.osu.edu/lines/bulls.html Ohio Farm Succession Web Site http://ohiofarmsuccession.wordpress.com/ Transition/Succession Resources

  14. 12 OSU Extension fact sheets developed. Can be found at: http://ohioline.osu.edu/ep-fact/index.html IRS Form 706 http://www.irs.gov/pub/irs-pdf/i706.pdf Estate Planning Resources

  15. http://ohioline.osu.edu/estate http://ohioline.osu.edu/ep-fact/index.html

  16. http://www.ca.uky.edu/agc/pubs/fcs5/fcs5422/FCS5422.PDF

  17. http://ohioagmanager.osu.edu

  18. The authors would like to thank attorneys Paul Wright, Robert Moore, Kelly Brakefield Moore and Jim Leonard from Wright Law Company for resourcing the meetings. Acknowledgements

  19. David Marrison Chris Bruynis 39 Wall Street 475 Western Ave., Suite F Jefferson, Ohio 44047 Chillicothe, OH 45601 440-576-9008 740-702-3200 marrison.2@osu.edubruynis.1@osu.edu For More Information

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