Ag economist helps farmers plan estates, business transfers

Agriculture

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February 9, 2011

Jennifer Stewart Purdue News Service The Rushville Republican Wed Feb 09, 2011, 10:59 AM EST

RUSHVILLE —

WEST LAFAYETTE — Planning a farm estate or transferring the family business from one generation to the next can be a challenge, but Purdue Extension agricultural economist and attorney Gerry Harrison will help families with those decisions at the Estate and Family business Transfer Planning seminars. The seminars, held at eight different Indiana locations later this month and in March, are designed to help family business owners plan for the future. Continuing education credits for Indiana accountants, lawyers and insurance providers will be offered. "My goal is to educate farmers, landowners, family business owners and professionals who work with farm clients about the many tools and methods available to transfer business assets and other wealth," Harrison said. "We do basic education on property law and tax law that relate to the choices available." A variety of topics will be presented at the seminars, including wills, business organization, probate versus no probate, Medicaid, long-term care insurance and income, estate and inheritance taxes. Dates and locations are as follows: n Feb. 18: Clay County Fairgrounds, Brazil n Feb. 22: Spencer County Fairgrounds, Chrisney n Feb. 22 and 24 (evening sessions): Lawrence County Fairgrounds, Bedford n Feb. 23: Gibson County Courthouse South Annex, Princeton n Feb. 25: Purdue Extension, Johnson County office, Franklin n March 1: Steuben County Community Center, Angola n March 2: Noble County Complex, Albion n March 3: Purdue Extension Allen County office, Fort Wayne At each location Harrison will make morning presentations about goals and objectives, property ownership law and implications for estate planning with and without a will, avoiding probate, Medicaid and long-term care insurance, the federal gift and estate tax and the Indiana inheritance tax. Afternoon topics will cover federal gift and estate taxes, including special valuation of farmland, choices for family business arrangements, buy-sell agreements, estate planning and living with trusts, charitable planning-income and gift and estate tax planning, plus conservation easements. Pre-registration is required. For a registration and program form, contact the local Purdue Extension agricultural and natural resources educator at 888-EXT-INFO (398-4636) or Harrison at 765-494-4216, harrisog@purdue.edu. Registration forms and cost information also are available at http://www.agecon.purdue.edu/extension/programs/index.asp.

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