Farmers' Evaluations and Behavioral Changes due to Attending Farm Transfer and Estate Planning Seminars

Kent Olson and Gary Hachfeld

No 21291, 2006 Annual meeting, July 23-26, Long Beach, CA from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: The majority of farm families have not named a successor nor developed an up-to-date farm business transition and estate plan. This program effort was designed to enable these farm families gain a better understanding of the process required and thus develop and implement a farm transition and estate plan. In terms of improving understanding, the workshops were highly successful. Most of the participants indicated their understanding of the main educational points of the workshop improved due to attending the workshop. Almost all indicated they better understood the need for clear goals and communication. Over 90% said they better understood the strategies available for use in a transfer plan; the importance of assessing the financial strength of the farm; and wills, trusts, and estate planning strategies. Ninety percent said they have improved their understanding of life insurance, power-of-attorney, and health care issues as part of the process. Eighty-seven percent of the participants said they had improved their understanding of tax issues related to the farm transfer process. While 58% of participants did not have an up-to-date estate plan and 89% did not have an up-to-date farm business transfer plan, 81% stated that, as a result of attending the workshop, they would begin the farm transfer process by developing a transfer and estate plan this year.

Keywords: Farm; Management (search for similar items in EconPapers)
Pages: 12
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea06:21291

DOI: 10.22004/ag.econ.21291

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