TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Family members often define “fair” and “equal differently.
• Learn the key points to consider for valuing farm assets between heirs.
• Watch a real-world example comparing an “equal” distribution vs. a “fair” distribution.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Understanding who is in control, and who’s livelihood is impacted most.
• Key factors to determine who should know the plan.
• Family meeting considerations.
• Bullet 4

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Tell everyone too soon, and your options to make changes later may be limited.
• Tell everyone too late, and you may miss key input that might affect your decisions.
• Learn the optimum time to communicate your strategies based on your goals, your operation, and your family dynamics.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS:

• Explore multiple ways to establish discounts to the land valuation for estate buyout or equalization purposes.
• Land values based on the income it generates vs comparable sales approach through an appraisal.
• Pro’s and Con’s of fixed valuation vs floating valuations.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Key points to consider for establishing the machinery value for estate purchases.
• See why pricing the machinery high might be advantageous in some situations.
• Common buyout terms and stipulations for machinery purchase through an estate.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Learn how farm entities can offer more flexibility for discounting valuation for gifting, purchase options, and equalization strategies.
• Key points to consider for establishing lack of marketability and minority interest discounts.
• Quick history of applicable discount options for entities, and where we are today.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Learn the critical components of structuring a purchase agreement between the heirs.
• “First Option to Buy” vs. “First Right of Refusal”
• Why you might want to consider having a purchase agreement structured outside of your estate documents.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Does it ever make sense to prioritize which assets go to each heir rather than splitting every asset into equal percentages?
• Real-world example of an equalization strategy vs a purchase option strategy.
• Pro’s and con’s of utilizing an equalization strategy of farm assets to the farm heir, and non-farm assets to the off-farm heirs.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Understand the main purposes for owning assets in a formal entity.
• Overview of entity types (C-Corp, S-Corp, LLC, etc.)
• Pro’s and con’s of various entity types
• Key considerations for transferring entity ownership through an estate.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Current annual gifting limits.
• When a 709 Gift Tax Return is required.
• Pro’s and con’s of gifting assets today vs inheriting them through an estate.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Who will make the management decisions in your operation if the parents pass away or become incapacitated?
• Learn how the lack of an operating agreement or management rules can disrupt a farm even before the parents pass away.
• Know the ways to improve management consistency regardless of the owners, trustees, or financial power of attorney.
• Understand the key points to include in your estate documents to protect both the farm heir’s and off-farm heir’s interest for managing the farm.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Examples of how plans can fail without coordinated documents.
• Distribution through ownership and beneficiary designations that compliment your estate estate strategies.
• Management control through trustee powers, powers of attorney, and operating agreements based on asset ownership methods.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Example of purchasing farm assets through a typical loan.
• Evaluate the cost per acre, total cost, and age at ownership.
• Review the pro’s and con’s for traditional financing as part of a farm succession strategy.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Example of a contract sale for farm assets.
• Key terms to include in a contract sale.
• Pro’s and Con’s of a contract sale.
• When a contract sale might make sense as part of a farm succession strategy.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Example of using life insurance as part of your farm succession strategy.
• Total cost, cost per acre, and age of ownership using life insurance vs a traditional loan or contract sale.
• Pro’s and Con’s of life insurance strategies.
• Types of life insurance products that can make sense, and those that don’t, for farm succession.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS:

• Five considerations for your existing plan when land prices climb
• Strategies for adjusting a purchase option through your estate
• Alternative ways to fill the “gap” when land values increase