Estate Planning for Farmers and Ranchers Seminar

Presented by NBI, Inc.

Estate Planning for Farmers and Ranchers

Course Description

How to Protect Farm Assets and Transfer Them to Heirs

Estate planning for farms and ranches requires specialized knowledge and tools to ensure the best client representation. This legal course will give you the knowledge to preserve the farms and other assets your clients have worked their entire lives to acquire and build. Explore the challenges and opportunities unique to estate planning for farmers to help make good sense of difficult legal and financial policies. Learn what you need to know about estate taxes, wills, trusts, government programs, and other key elements. Help your clients take care of their estate planning needs and their family's future - register today!

• Take full advantage of government farm programs and valuation discounts.
• Explore the deciding factors in choosing the right business entity when planning ownership transfer.
• Analyze the liquidity of farm assets and augment each plan accordingly.
• Employ all available tools for transferring assets and preserving wealth.
• Tackle harvest yield predictions and other unique factors of farm asset valuation.
• Recognize when giving away the farm is the wisest financial decision and how to do it properly.

Agenda

1. Business Structure Choice and Conversion - Including Sample Documents
   9:00 - 10:00, Written by Ann M. O'Hara. Presented by Anthony O. Crowell in Ft Wayne and South Bend, and Ann M. O'Hara in Indianapolis.
   1. Entity Choice
      1. Sole
      2. Partnership
      3. LLC
      4. FLLP
      5. Multiple Entities
   2. Creditor/Liability Protection
   3. Entity Conversions: Why and When
      1. Retaining the C Corporation
      2. Adding a New Entity (e.g. LLC)
      3. Converting to an S Corporation
      4. Converting to Multiple Entities
      5. Converting to a Family Limited Partnership
      6. Dissolving the C Corporation and Starting Over
   4. When Should Conversion Plans be Made?
   5. How are Conversion Plans Implemented?
   6. Should the Farm Own the Residences?
   7. Should the Farm Own the Vehicles?
2. Income and Gift Tax Planning
   10:15 - 11:15, Written by Ann M. O'Hara. Presented by Anthony O. Crowell in Ft Wayne and South Bend, and Ann M. O'Hara in Indianapolis.
   1. Self-Employment Tax
   2. Reporting Farm Income
   3. Reporting Tax on Deferred and Installment Payments Received
   4. Taking Advantage of Farm Deductions
   5. Farm Equipment Depreciation
   6. Family-Owned Business Deduction
   7. Use of Conservation Easements
   8. Corporate Stock as a Major Estate Asset
3. Medicaid (Long-Term) Planning for Farmers and Ranchers
   11:15 - 12:15, Written by Miranda R. Richard. Presented by J. Bryan Nugen in Ft Wayne, Miranda R. Richard in Indianapolis and Edward P. Benchik in South Bend.
   1. Ways to Pay for Long-Term Care Costs
      1. Assets
      2. Long-Term Care Insurance
      3. Veterans' Benefits
      4. Medicaid Benefits
   2. Medicaid Eligibility Requirements - Income, Asset and Transfer Tests
   3. Eligibility Issues Specific to Farmers and Ranchers
      1. Countable Income vs. Non-Countable Income
      2. Exempt Assets
      3. Residency Requirements
      4. Tax Return Filings
      5. Transfer of Family Farm to Next Generation
   4. Asset Protection and Medicaid Eligibility Planning Strategies
   5. Crisis Planning and Penalty Periods
   6. Estate Recovery
4. Planning for Sales, Gifts and Transfers
   1:15 - 2:15, Written by Miranda R. Richard. Presented by John J. Schwarz II in Ft Wayne, Miranda R. Richard in Indianapolis and Edward P. Benchik in South Bend.
   1. Sale to Third Party
      1. Financing
      2. Tax Considerations
      3. Purchase Agreement Design
   2. Gifting
   3. Gradual Transfers Within the Family
   4. Transfers Upon Death
5. Agricultural Use Valuation
   2:15 - 3:15, Written by Linda L. Chezem. Presented by Lori M. Craig in Ft Wayne and Linda L. Chezem in Indianapolis and South Bend.
   1. Land Measurement, Description, Zoning
   2. Livestock Valuation and Sale
   3. Valuation of Crops in Progress - Predicting Harvest Yield
   4. Valuation Discounts
6. Legal Ethics
   3:30 - 4:30, Written by Linda L. Chezem. Presented by Lori M. Craig in Ft Wayne and Linda L. Chezem in Indianapolis and South Bend.
   1. Protecting Confidentiality
   2. Avoiding Conflicts of Interest
   3. Setting and Collecting Attorney Fees
   4. Fiduciary Liability
   5. Client Capacity Issues

More Seminar Information

NBI, Inc. Summary Estate Planning for Farmers and Ranchers Delivery Method  Seminar Who Should Attend This basic-to-intermediate level seminar is designed for: Attorneys Estate and Financial Planners Accountants and CPAs Tax Preparers Trust Officers

All Date/Location Information