1. Cultivating Security: Cultivating Security: Estate Planning for New Mexico Farm and Ranch Families Amy Lamb New Mexico State University Undergraduate Research and Creative Arts Symposium

2. Introduction  Purpose  Background  Review of Previous Initiatives  Research Objectives  Research Design  Methods  Results  Conclusions  Implications  Recommendations

3. Purpose  To determine how the New Mexico Cooperative Extension Service can best provide estate planning information to New Mexico farm and ranch families.

4.  Prevalence of sole proprietorships  Characteristics of agricultural property Background: Estate Planning in Agriculture

5. Background: Agriculture in New Mexico  57% of land in agriculture  Growth in both numbers of farms and farm income  Rich agricultural heritage

6.  Offices in every county  Affiliated with NMSU  Four main program areas Agriculture and Natural Resources Home Economics Community and Economic Development 4-H Youth Background: The New Mexico Cooperative Extension Service

7. Review of Previous Initiatives  Areas of Interest Workshop Format Options  Course Design  Teaching Methods Workshop Content Options  Issues  Estate Planning Tools

8. Format Options: Course Design  Voluntary  Low/No cost  Often Collaborations

9. Format Options: Teaching Methods  Take-home references  Speakers

10. Content Options: Issues  Preparing the Business  Preparing the Family

11. Content Options: Estate Planning Tools

12. Research Objectives To describe New Mexico Cooperative Extension Agents by demographic factors such as county, professional responsibility, and tenure. To describe the comfort levels and abilities of NM Cooperative Extension Agents to coordinate or deliver estate planning workshops. To determine the topics perceived by NM Cooperative Extension Agents to be of the most relevance to New Mexico farm and ranch families. To describe the most preferred program formats, teaching methods, and program supplements currently used by New Mexico Cooperative Extension Agents.

13. Research Design  Descriptive  Survey Research Web-based questionnaire  Population – NM CES Personnel Agriculture Agents, Home Economists, and Program Administrators  Purposive Sample

14. Methods: Instrument  Web-based – Zoomerang  Reviewed by a panel of experts to determine content and face validity  Non-response handled by comparison of early and late respondents (Miller & Smith, 1983)

15. Methods: Instrument

16. Methods: Data Collection  Cover letter  Incentive  Delivered via e-mail  Reminder message  Non-respondent follow-up

17. Results: Objective 1 To describe New Mexico Cooperative Extension Agents by demographic factors such as county, professional responsibility, and tenure.

18. Results: Objective 1

19. Results: Objective 2 To describe the comfort levels and abilities of NM Cooperative Extension Agents to coordinate or deliver estate planning workshops.

20. Results: Objective 2 Other Responses: Urban Areas rich in duplicating services Concerns about time limitations

21. Results: Objective 2

24. Results: Objective 3 To determine the topics perceived by NM Cooperative Extension Agents to be of the most relevance to New Mexico farm and ranch families.

25. Results: Objective 3 Other Responses: Land Trust Options Basic Budgeting

26. Results: Objective 4 To describe the most preferred program formats, teaching methods, and program supplements currently used by New Mexico Cooperative Extension Agents

27. Results: Objective 4

31. General Comments  Topic area is “needed programming”  Critical timing as related to adjustment of the Tax Relief Act of 2001  Potentially emotional for clients

32. Conclusions  Estate planning programming is currently not widely offered by the NM Cooperative Extension Service  A demand for estate planning education exists in New Mexico as perceived by NM Cooperative Extension personnel

33. Conclusions, cont.  Extension personnel often engage in multiple responsibilities  Extension personnel are more comfortable with offering this program content with the support of professionals/specialists as opposed to independently delivering the program

34. Implications  Curriculum for an estate planning workshop should be: Comprehensive Supported by extension specialists In modular form Supplemented by prepared written and online documents (bulletins, worksheets, press releases)

35. Recommendations/Future Plans  Survey research directly involving agricultural producers to compare perceived estate planning needs  Development of curriculum  Pilot program

36. Thank You! Questions?