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TEACHING FARMERS CRITICAL ESTATE PLANNING STRATEGIES

Extension Education

Chris Bruynis
Associate Professor, Extension Educator & Area Leader
Ohio State University Extension
Chillicothe

Abstract

\r\n    With the expiration of the Bush era tax cuts in 2010 and the subsequent changes in estate tax laws, farmers were confused and concerned that they needed to adjust their tax planning strategies.  With the increased interest in estate planning, OSU Extension Educators created a curriculum notebook and PowerPoint presentations addressing current information on family communication strategies, checklists of documents needed, different estate planning tools with their tax ramifications, business continuity with off-farm heir strategies, and long-term care issues. The educational material was presented in an all day workshop followed by individual consultation if requested by the farm family. A total of four workshops were offered in 2010 and 2011 reaching 86 participants from across Ohio. Program evaluations using a six point Likert scale indicated participants increased their knowledge in every area measured. The top areas of knowledge gain were participant understanding of the different estate planning tools (+2.06), understanding of business transfer strategies (+2.06), how to address the issues with off-farm heirs (+1.94), and how to start the family conversations about estate planning (+1.94).  Participants also indicated they plan to organize their estate planning documents and hold a family meeting following the workshop (+2.06).  As a result of these workshops Extension Educators have held individual consultations with participants and were invited to one family meeting to assist.  Additionally, twelve participants indicated they planned to follow-up with their attorney to make changes to their estate plan. 

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Poster has NOT been presented at any previous NACAA AM/PIC

This poster is being submitted for judging. It will be displayed at the AM/PIC if not selected as a State winner. The abstract will be published in the proceedings.

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Authors: C.L. Bruynis, J. Woodruff, D.L. Marrison, M. Gastier
  1. Bruynis, C. Assistant Professor & Extension Educator, Ohio State University Extension, Ohio, 43351
  2. Woodruff, J. Extension Educator, Ohio State University Extension, Ohio, 44805
  3. Marrison, D. Associate Professor & Extension Educator, Ohio State University Extension, Ohio, 44047
  4. Gastier, M. Extension Educator, Ohio State University Extension, Ohio, 44857