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Managing for Today and Tomorrow Creates Personal Connections

Alexis Stevens and Madeline Schultz

Summary

Farm transition planning is vitally important. The 2017 Iowa Farm and Rural Life poll showed women participated in estate or succession planning at substantially higher rates than men. Managing for Today and Tomorrow is a course Inspired by Annie’s Project® consisting of five sessions covering business, estate, retirement, and succession planning. 

Stevens facilitated the course in Greene County in March 2022. The course had a personal connection for participants. J.C. rents out crop ground and pastureland, and is proud she now has a succession plan. She noted that without the class, she would not have known about a tax exemption that her lawyer hadn’t mentioned or been able to advocate for her family. C.R. felt that with the recent purchase of land, three off-farm daughters, and nine grandchildren, taking the course was of the utmost importance. “I came away with a wealth of reference material, as well as thought-provoking questions that need answered,” said C.R. 

Before completing the course, 28.6 percent of survey respondents were ‘in progress’ with the action of ‘assemble estate planning information.' After the course, this improved to 71.4 percent. Survey responses indicated the most valuable topic was estate planning concepts, tools, and terminology.

Participants agreed the women-centered environment where they are encouraged to learn from each other, facilitators, and speakers is important to them.  Extension has an important role in supporting women as they strive to have conversations about farm transition planning that can positively impact the financial, physical, and mental well-being of the farm family.

Details

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