The NE ERME funded Preparing for Later Life Farming program was developed to assist multi-generational New Jersey families with farm estate and transition planning. This course was an eight-hour, one-day program offered in three New Jersey locations. Presentations focused on: farm transfer, calculating retirement savings, identifying sources of retirement income, rules for tax-deferred savings withdrawals, methods of increasing farm income, finding legal and financial experts, and communicating with family members. Estate and farm transfer planning outreach is not new and the Rutgers team selected existing materials to fit programming goals. Addendums and supplemental materials specific to NJ were developed. Workshop presentations were recorded and are available online with downloadable program materials. These videos allow participants to review talks, and serve as a resource to those who were unable to participate in the live programming. Participants were asked to write down five goals to achieve following the workshop, three months after the workshop these goals were mailed to them. Participants were surveyed immediately post workshop, at six months, and at one year post workshop to evaluate their plan development. Participants increased knowledge by one point or more on their preparedness to discuss farm estate planning, their ability to estimate future business financial needs, their understanding of potential pitfalls of farm transfer and estate planning, and their understanding of how to choose appropriate experts to assist in planning. Recorded presentations have had over 170 views since they went online six weeks ago, “Tips for Successful Discussions” has had the most views.
|Conference||2016 Extension Risk Management Education National Conference|
|Presentation Type||30-Minute Concurrent|