Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” "Women In Agriculture--Educational Program on the Necessity of Proper Estate Planning" By Attorney Anna M. Jackson Agricultural Specialist National Extension Women in Agriculture Education Conference St. Louis, Missouri April 6-7, 2006

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” WHAT IS YOUR ESTATE? Consists Of The Property You Own At Your Death Includes items such as: real estate (immovable property), stocks, bonds, cash, business interests, life insurance, retirement accounts, benefits, certificates of deposits, bank accounts, furniture, jewelry, clothes, etc. Must Plan For It As Long As You Are Alive, Never Too Late To Plan

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” PREPARATION FOR ESTATE PLANNING You Must Know And Consider The Following: What Property Or Other Items Do I Own Where Are These Items Located Are Each of These Items in a Proper State to Transfer Who Are the People Who Depend Upon You For Support What Will Happen To Me if I Become Incompetent in the Future

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” PREPARATION FOR ESTATE PLANNING cont. What Plans Do I Need To Make For Long Term Care What Type of Extraordinary Medical Treatments Would I Prefer or Not Prefer What Type of Funeral, Memorial, Cremation Arrangements Do I Want

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” PREPARING AN ESTATE PLAN Learn the Terminology Set Goals Seek Professional Advice and Assistance Update and Keep Your Plan Current

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” KEY DOCUMENTS OF ESTATE PLANNING Will-legally binding document, contains instructions that guide the actions of your personal representative (executor) Durable Power of Attorney-appoint a person to act as an agent (on your behalf ) for various matters Health Care Power of Attorney-appoint a person to made decisions regarding health care

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” KEY DOCUMENTS OF ESTATE PLANNING Cont. Living Will-type of extraordinary medical care expected when health is poor Trust-legal title of property is held and managed for the benefit of someone else (different from a will—not probated)

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” ESTATE PLANNING ISSUES TO CONSIDER Who Will Receive Your Property Who Will Be Your Executor/Trustee Who Will Raise Your Minor Children Will a minor Inherit Your Property Is a Trust or a Will Right For You Who Will Make Decisions For You When You Cannot

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” TRANSFERRING A FARM—FACTORS TO CONSIDER Your Financial Security In Retirement Financial Position of the Person Taking Over the Farm Social Security Position Tax Considerations  Purchased Farm  Inherited Farm  Selling Crop or Livestock  Self Employment Tax  Sale of Breeding Stock and Machinery

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” TRANSFERRING A FARM—FACTORS TO CONSIDER cont. Alternate transfer – Leasing Selling Real Estate

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” SOURCES OF RETIREMENT INCOME Social Security Rental or Lease of Immovable Farm Property Pensions from Off Farm Employment Savings and Savings Bonds Off Farm Investments (Stocks/Mutual Funds, etc.) Certificates of Deposits Annuities Trusts Insurance

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” TOOLS OF ESTATE PLANNING List of Assets (and their Value) in Proper Form Original and Copies of All Documents Place to Store Documents Appointed Power of Attorney Will and/or Trust Plan for Retirement

Southern University Agricultural Research and Extension Center “Linking Citizens of Louisiana with Opportunities for Success” Contact Information: Anna M. Jackson, Esq. Southern University Ag Center Ashford O. Williams Hall P.O. Box Baton Rouge, Louisiana Tel ext. 319 Fax