January 28, 2009

Workshop to prepare families for the next generation

The topics at the Estate Taxes and Succession Planning workshop will include legal aspects of estate planning, understanding the federal estate tax, determining retirement needs, and transferring the operation to the next generation.

"One of challenges with estate planning is figuring out how to divide the property between the heirs," said Mary Day, Purdue University Extension educator in Tipton County and program co-coordinator. "When passing the operation to the next generation there are many steps including how to name property so it passes on without tax and how to set up the next generation."

During the workshop, participants will have the opportunity to work with an attorney and a professional on dealing with the legalities and personal considerations.

The workshop operation will begin at 9 a.m. with registration and coffee. Registration costs $30 per person and is due by Feb. 11. Registration for each additional member from a family or farm is $15. Registration received after Feb. 11 will be $40. Lunch will be provided.

The first session, presented by Lynn Lambert, will start at 9:30 a.m. and focuses on estate taxes. Lambert is a certified professional accountant for Strategic Financial Group in Monticello. She will give an overview of estate tax, personal balance sheets, life insurance, assets, and how to reduce the potential estate tax.

The second session will focus on estate planning law. In Winamac, John Muehlhausen, an attorney from Logansport will present; in New Castle, Kristine Boualchi, a partner at Ice Miller will present; and in St. Meinrad, Bruce Cissna, an attorney in a private practice will present. They all will discuss the legal aspects of passing the farm business to the next generation.

In the afternoon session, Lambert will emphasize the human side of estate planning. She will talk about farm estate planning, why many don't plan, considering family needs, retirements needs, and succession plans, and if the farm operation is viable enough to pass on to the next generation.

The workshop in Winamac will be held at the Nazarene Church, located at 516 East 13th St. The workshop at New Castle will be held at the Henry County Public Library, located at 376 S. 15th St. The workshop at St. Meinrad will be held at the St. Meinrad Archabbey Guest House, located on Saint Meinrad Campus, 200 Hill Drive.

The Purdue Extension Women in Agriculture team sponsors the workshop. For more information, contact Day at (765) 675-1177 or maryday@purdue.edu

Writer: Elizabeth Fritz, (765) 494-8402, elfritz@purdue.edu

Source: Mary Day, (765) 675-1177, maryday@purdue.edu

Ag Communications: (765) 494-2722;
Beth Forbes, forbes@purdue.edu
Agriculture News Page

To the News Service home page