Basic Estate Planning Concepts Every Farm Manager & Rural Appraiser Should Know | WEBINAR

When:  Jun 29, 2022 from 11:00 AM to 12:00 PM (MT)

Basic Estate Planning Concepts Every Farm Manager & Rural Appraiser Should Know | WEBINAR

  1. What are the components of an estate plan, and why is estate planning important.
  2. What is a revocable trust and when should your clients have one, and how does it impact the farm operation and tax reporting for farm owners, during life and at death.
  3. What is an LLC  (or limited partnership) and when should farm owners consider LLC (or LP) ownership of their farms.  What tax and non-tax issues impact this decision?
  4. What should farm owners be considering for old C corporations.
  5. How do FSA programs and corporate farming laws intersect with the choice of entity for farm ownership.
  6. What are “testamentary trusts” and “irrevocable trusts” and what are some non-tax reasons that people may leave the next generation their inheritance in trust?
  7. Choice of Executor and Trustee, and implications for the Farm Manager (how to avoid losing the relationship after a client’s death)

About the Speaker:
Paul Morf is a 5th generation Iowa and will one day share an inheritance of his Mom’s farm in Ida County, Iowa, which benefits from professional farm management. Paul is in his third year as the President of the Iowa College of Trust and Estate Counsel. Paul has chaired the Trust, Estate, and Private Wealth group at Simmons Perrine Moyer Bergman, PLC, one of Iowa’s largest law firms, for over a decade. Paul has served as an adjunct professor of law at the Iowa law school, where he has taught classes on estate planning and trusts and estates. Paul works regularly with farmers and farm owners on issues of estate and business succession planning.  He helps his clients benefit from farm managers, farm appraisers, and farm auctioneers regularly on an almost weekly basis.  He enjoys collaborating with farm professionals in finding the right solutions for shared clients. Paul lives on 90 acres of reconstructed prairie, about 15,000 young trees, and a pond with at least one 7-pound bass.  He added plumbing to his pre-1900 farm house, restored his pre-1900 post and beam barns, also moved and rebuilt am 1860s log cabin which overlooks his pond.  Paul has observed over 180 kinds of birds on his wildlife farm, but has yet to earn his first dollar of farm income, so may be in need of a good farm manager.

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