1. Cooperative Extension Farm Business Succession & Estate Planning Dave Goeller Deputy Director North Central Risk Management Center North Central Risk Management Center Transition Specialist University of Nebraska 402 472 0661 dgoeller@unl.edu

2. Cooperative ExtensionTeam  Bob Parsons, U. of Vermont  Jesse Richardson, Virginia Tech  Jeff Johnson, Texas Tech  Marsh Goetting, U. of Montana  John Baker, Iowa State  Dave Goeller, U. of Nebraska

3. Cooperative ExtensionContributors  Norm Dalsted, Colorado State  Gary Hachfeld, U. of Minnesota  Mike Sciabarrasi, U. of New Hampshire  Roger McEowen, Iowa State  Steve Richards, Cornell University  Danny Klinefelter, Texas A & M

4. Cooperative Extension What are the Topics?

5. Cooperative Extension What are the Topics? GoalsLong-Term Care Estate PlanningFinancial Analysis Business EntitiesValues RetirementMissions Statements GiftingStrategic Business Plans Wills & Trusts Management Transfer CommunicationFair vs Equal Decision MakingFarm Business Meetings Conflict ResolutionLegal Issues Titling of AssetsMotivation TaxationInsurance

6. Cooperative Extension What are the Topics? People IssuesTechnical Issues

7. Cooperative Extension What are the Topics? People IssuesTechnical Issues CommunicationEstate Planning

8. Cooperative Extension Do you want to have a “SUCCESSOR”?

9. Cooperative Extension agrisk.umn.edu

10. Cooperative Extension Estate Planning Key Questions  What do you own?  How is it Titled?  Who do you want to give it to?  When do you want to give it to them?  How long do you want to exert control?  What about Long Term Care ?

11. Cooperative Extension Time Management Matrix I.Activities Crisis Management Deadline Projects II. Activities Planning Relationship Building III.Activities Some Calls, Mail, Popular Activities IV. Activities Time Wasters Busy Work Urgent Not Urgent Not Important Important

12. Cooperative ExtensionResources  David Goeller, UNL Farm Transition Specialist Phone: 402-472-0661 Email: dgoeller@unl.edu  Joe M. Hawbaker, Attorney at Law Phone: 402-558-3540 Email: mjbaker@radiks.net  Nebraska Farm Hotline Phone 800-464-0258

13. Cooperative ExtensionCredits  David Aiken, Attorney at Law, UNL Ag Econ Department Phone: 402-472-1848  John Baker, Attorney at Law Iowa State University Director of the Iowa Beginning Farmer Center 800 447 1985  Roger A. McEowen, Attorney at Law Iowa State University Associate Professor of Agricultural Law Phone: 515 294 4076

14. Cooperative Extension Need For Personal Legal Advice The information in this presentation and accompanying material is provided for educational purposes only. It is not a substitute for competent legal advice. Farmers and ranchers need professional legal and financial counsel in evaluating alternatives for legally structuring the farm business. This information is provided to help you better communicate with your professional advisors in analyzing your specific situation.