Transcript Heather Gessner-Sustaining the Legacy

Sustaining
the Legacy:
Estate Planning and
Farm Transitions
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Goals for South Dakota
Programming Efforts
Goals:
 Increase
Communication in the family
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 Provide
you with tools
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 Remove
some of the mystery
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 Get
you motivated, and keep you motivated
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What have we done?
What has been
done?
•
337 Families-2008 to 2013
•
Individual Producers
•
Network of Experts
•
•
•
•
•
•
•
•
Aberdeen (2)
Watertown
Flandreau
Huron
Milbank
Redfield
Brookings (2)
Sioux Falls (2)
•
•
•
•
•
•
•
•
Parker
•
Winner
Mitchell (2) • Philip
Yankton
•
Lemmon
Chamberlain • Rapid City
Mobridge
Elk Point
Pierre
Onida
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 Attorneys
 Estate
 Tax
Planners
Advisors
 Retirement
 Life
Network of Experts
Fund Managers
Insurance Agents
 Long Term
Care Agents
 SD
Dept of Social Services
 SD
Dept of Agriculture
 Funeral
Home Directors
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Has it worked?
When I attended the Estate
Planning/Farm Transitions
Conference I had an Estate Plan in
place.
YES
NO
Number
Percentage
40
45
49%
55%
I have made changes to my
Estate Plan since attending.
YES
NO
Number
Percentage
69
16
81%
19%
I have made changes to my Farm
Transition Plan since attending.
YES
NO
Number
Percentage
56
15
79%
21%
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These changes included: (check as many
as needed)
Updating Will(s)
Changed Life
Insurance Policy
Created a Trust
Transferred Personal
Property
Sold Assets to Heirs
Gifted Assets
Added Retirement
Account
Communication with
Heirs
Funeral Planning
Number
Percentage
45
12
51%
15%
39
15
48%
18%
5
12
8
6%
15%
10%
42
51%
9
11%
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At this time we consider our Estate Plan ___% finished.
Less than
25%
25-49%
50-74%
75-99%
100%

Number
Percentage
16
20%
15
19
20
12
18%
23%
24%
15%

Eighty percent of the
participants considered
themselves 25% or more
completed with their estate
plans and 39% considered
themselves 75% or more
completed with their plans.
Keep in mind these results
include participants from 2008,
2009, 2010, 2011 and 2012. The
2012 group of participants have
only been out of the conferences
for two months. *Percentages
will not equal 100 due to
rounding.
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At this time we consider our Farm Transition Plan ___% finished.
Number
Percentage
Less than
25%
25-49%
19
26%
16
22%
50-74%
13
18%
75-99%
13
18%
100%
12
16%

Keep in mind these results
include participants from 2008,
2009, 2010, 2011 and 2012. The
2012 group of participants have
only been out of the conferences
for two months. *Percentages
will not equal 100 due to
rounding.

Of the participants that have an
heir coming back to the
operation, 74% consider their
transition plan 25% or more
completed, and 34% consider it
75% or more completed.
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Things we have done
different.
 All
3
face-to-face meetings
or 4 day sessions
 Homework
 Industry
professionals as speakers
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What’s next?
 Publication
 On-line
 Pod
Series
version
Casts
 Face-to-Face
 Personal
Next….
One-on-One
 Continued
funding
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