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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!

  • 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.
  • 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. Business Structure Choice and Conversion - Including Sample Documents
    9:00 - 10:00 Written and presented by Jesse D. Sitz in Grand Island and Omaha.
    1. Entity Choice
      1. Sole
      2. Partnership
      3. LLC
      4. FLLP
      5. Multiple Entities
    2. Creditor/Liability Protection
    3. Entity Conversions: Why and When
      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
    4. When Should Conversion Plans be Made?
    5. How are Conversion Plans Implemented?
    6. Should the Farm Own the Residences?
    7. Should the Farm Own the Vehicles?
  2. Income and Gift Tax Planning
    10:00 - 10:45 Written and presented by Jesse D. Sitz in Grand Island and Omaha.
    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
  3. Medicaid (Long-Term) Planning for Farmers and Ranchers
    11:00 - 12:00 Written and presented by Jeffrey T. Palzer in Grand Island and Omaha.
    1. Ways to Pay for Long-Term Care Costs
      1. Assets
      2. Long-Term Care Insurance
      3. Veterans' Benefits
      4. Medicaid Benefits
    2. Medicaid Eligibility Requirements - Income, Asset and Transfer Tests
    3. Eligibility Issues Specific to Farmers and Ranchers
      1. Countable Income vs. Non-Countable Income
      2. Exempt Assets
      3. Residency Requirements
      4. Tax Return Filings
      5. Transfer of Family Farm to Next Generation
    4. Asset Protection and Medicaid Eligibility Planning Strategies
    5. Crisis Planning and Penalty Periods
    6. Estate Recovery
  4. Planning for a Full or Partial Outright Sale or Gift
    1:00 - 1:45. Written by Matthew D. Baack and Jason Bottlinger. Presented by Matthew D. Baack in Grand Island and Jason Bottlinger in Omaha.
    1. Sale to Third Party
      1. Financing
      2. Tax Considerations
      3. Purchase Agreement Design
    2. Gifting
  5. Agricultural Use Valuation
    1:45 - 2:30 Written by Kelly Thomas and Monte L. Schatz. Presented by Kelly Thomas in Grand Island and Monte L. Schatz in Omaha.
    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
    2:45 - 3:45 Written by Jason Bottlinger. Presented by Jeffrey T. Palzer in Grand Island and Jason Bottlinger in Omaha.
    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. Tax Considerations for Farm Heirs
    8. Fairness to Non-Farm Heirs
  7. Transfers Upon Death: Key Estate Administration Concerns
    3:45 - 4:30. Written by Matthew D. Baack and Monte L. Schatz. Presented by Matthew D. Baack in Grand Island and Monte L. Schatz in Omaha.
    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

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