Estate and succession planning can be uncomfortable and tedious, the very reasons it can be easy to avoid doing it. But, putting it off creates even more problems down the road, so the Indiana Agricultural Law Foundation encourages you to register now for their 2019 Estate and Succession Planning for the Family Farm.
John Shoup, director of INAgLaw, says the foundation wants to be involved in this type of programming because such planning is needed on every single Indiana farm operation.
“Something’s going to be happening,” he told HAT. “It’s going to be transferred to the next generation, maybe it’s sold, but something is going to happen, and I think that was the reason that we started this annual program six years ago.”
Shoup said the morning portion of the session on July 30th covers general principles of estate planning.
“What’s a will? What’s a trust? I think those legal tools are necessary for people to understand the estate planning process.”
In the morning they’ll cover an increasingly important topic on the farm, competency.
“Maybe for someone getting a late start in estate planning, what level of competency is necessary to complete a valid estate plan?”
Maybe most valuable of all during the day are the tips that will be offered to navigate through challenging family dynamics.
“Communication about the desires of the next generation, the current generation, their expectations for involvement in the farm, how to facilitate that communication amongst family members,” Shoup explained. “We’ve got some really good speakers who are going to address those issues, and often times that’s more difficult than the legal tools.”
Farmers and their family members, and also attorneys are invited to the event Tuesday, July 30 from 8:30 a.m. to 4:30 p.m. at the Indiana Farm Bureau headquarters.
The day will include a session on Farm Service Agency options for new farmers, which is new this year.
“Long term planning for the family farm often means incorporating the next generation into the operation,” explained Shoup. “This year we will be discussing some of the resources that are available to help families with that transition and give the next generation a good shot at being competitive.”
Event sessions and speakers include:
- Land Value Considerations in Succession Planning with Dr. Jason R. Henderson, Purdue
- Agricultural Estate Planning Basics with Lindsay Schmitt, Farmer Scott Ozete Robinson & Schmitt LLP
- Estate Litigation and Competency Issues: How to Avoid Common Pitfalls with Kisti Good Risse and Stuart Boehning, Bennett, Boehning & Clary, LLP
- Protecting the Family Farm from the Nursing Home and Forced Partition Sales with Dan Gordon, Gordon & Associates
- FSA Options for Getting New and Beginning Farmers into the Operation with Greg A. Foulke, Indiana Farm Service Agency
- The Bad, The Ugly and the VERY Good of Farm Transition Planning with Jeanne Bernick and Jim Rein, CPA, K•COE ISOM
Registration ends July 23 unless maximum capacity is reached in advance of that date. You can register today at www.INAgLaw.org. Registration is $35 per person and $60 for all attorneys seeking CLE credits (six credit hours.)
The Indiana Agricultural Law Foundation, INAgLaw is a 501(c)(3) charitable organization with a focus on developing educational and legal initiatives that support the advancement of Indiana agriculture.