Training Course Syllabus:

Estate Planning for Farmers and Ranchers

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!  

• Clearly determine the goals and objectives of your client and all interested parties.
• Learn how to use family farm assets to fund retirement and long-term care.
• 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.
• Review a sample farm lease agreement to explore all its potential risks and opportunities.
• 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.

1. Goal Setting
   9:00 - 9:30, Philip J. De Koster
2. Life Insurance, Disability Insurance, and Retirement Planning
   9:30 - 10:00, Erin Herbold-Swalwell
   1. Health and Accident Plans
   2. Using Life Insurance to Fund Disability
3. Income and Gift Tax Planning
   10:00 - 10:30, Erin Herbold-Swalwell
   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
4. Non-Tax Estate Planning Considerations
   10:45 - 11:15, Philip J. De Koster
   1. Should the Farm Own the Residences?
   2. Should the Farm Own the Vehicles?
5. Agricultural Use Valuation
   11:15 - 12:00, Erin Herbold-Swalwell
   1. Land Measurement, Description, Zoning
   2. Livestock Valuation and Sale
   3. Valuation of Crops in Progress – Predicting Harvest Yield
   4. Valuation Discounts
6. Planning for a Gradual Transfer within the Family
   1:00 - 2:00, John R. Baker
   1. Leasing Land to Family
   2. The Drawbacks of Successive Life Estates
   3. Taking Off-Farm Beneficiaries' Interests into Consideration
   4. “Imputation”
   5. Federal Farm Program Limitations
   6. Farm Ownership vs. Right to Use
7. Business Succession Planning for the Family Farm C Corporation: The Who, What, When, How, Why and Why Not for Determining the Best Choice of Entity
   2:00 - 3:00, Matt M. Dummermuth
   1. Who Should Plan?
   2. What are the Primary Entity Options
      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
   3. When Should Conversion Plans be Made?
   4. How Are Conversion Plans Implemented?
   5. Why Entity Changes are a Good Idea: Business and Tax Consequences
   6. Why Entity Changes are Not a Good Idea: Business and Tax Consequences
8. Transfers upon Death: Key Estate Administration Concerns
   3:15 - 4:00, Philip J. De Koster
   1. Estate Tax Provisions Unique to Family Farms
   2. Liquidity Problem in Administering an Estate that Includes a Farm
   3. Administering an Estate that Includes a Bankrupt Farm
   4. Disposing of Trust-Owned Farms and Ranches
9. Planning for the Heirs/Beneficiaries
   4:00 - 4:30, Philip J. De Koster
   1. Tax Considerations for Farm Heirs
   2. Fairness to Non-Farm Heirs

Seminar Summary:

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. (see full course description)

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