Pella Chronicle

Local News

March 14, 2013

Get help evaluating your estate plan

Talking about estate planning is difficult and implementing an estate plan can be even harder. Questions often include: Who needs to be involved? What information do I need to gather? When is it the right time to start? Where do I start? How do I decide what to do? Farmers are unique in that there isn’t a distinct moment where they just walk out the door to retirement as someone in a regular wage earning job might do. Rather, farm families often need to think about how to transition the farm business to the next generation during lifetime, as well as having an estate plan in place. There are options they can consider such as phasing out or transitioning to another generation. The Evaluating Your Estate Plan program, sponsored by Adam Norris of Edward Jones, can help in the planning process.

The Evaluating Your Estate Plan workshop answers estate planning questions and helps prepare for future farm transitions and estate planning. Past participant comments include:

“Lots of food for thought. Very valuable resources, excellent presentations; met my expectations.” “Great job, a lot of good info, the speakers were very knowledgeable and professional.” “Well done worth the time and cost.”

Presenters for the workshop are Melissa O’Rourke and Kelvin Leibold, Iowa State University Extension and Outreach farm and business management specialists. O’Rourke is an attorney experienced in agricultural law and estate planning. Leibold joined ISU Extension in 1987 and has vast experience in working with agricultural clients in farm and business planning.

The one-day workshop will cover the language of estate planning, gift, estate and inheritance taxes, calculating retirement costs, and many other areas vital to creating a good estate plan. The workshops help those who are confused about building a plan for transferring farm as- sets or unsure what options are best for their farm operation and family.

ISU Extension and Outreach is offering the workshop at the Marion County Extension Office on Tuesday, March 26 from 9:30 a.m to 4 p.m. Advance registration no later than March 22 is required as space is limited. The Evaluating Your Estate Plan workshop costs $50 per person and includes workshop materials and lunch. To register or for more information, call Marion County Extension Office at 641-842-2014.

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