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Farmers´ Evaluations and Behavioral Changes due to Attending Farm Transition and Estate Planning Workshops

Gary Hachfeld

Summary

A majority of farm families have not named a successor nor developed an up-to-date farm business transition and estate plan. This program effort was designed to enable these farm families to gain a better understanding of the process required and thus develop and implement a farm transition and estate plan. In terms of improving understanding, the workshops were highly successful. Most of the participants indicated their understanding of the main educational points of the workshop improved due to attending the workshop. Based upon post-meeting evaluations, almost all indicated they better understood the need for clear goals and communication. Over 90% said they better understood the strategies available for use in a transfer plan; the importance of assessing the financial strength of the farm; and wills, trusts, and estate planning strategies. Ninety percent said they have improved their understanding of life insurance, power-of-attorney, and health care issues as part of the process. Eighty-seven percent of particpants said they had improved their understanding of tax issues related to the farm transfer process. While 58% of participants did not have an up-to-date estate plan and 89% did not have an up-to-date farm business transfer plan, 81% stated that as a result of attending the workshop, they would begin the transition process by developing a transfer and estate plan beginning that year. Based upon six month follow-up evaluative data, over 59% had begun developing a farm transfer plan with 12.5% completed. Fifty-seven percent had begun updating their estate plan with 7.3% completed.

Details

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