"Talking about transitions and estate planning is difficult for most people and especially for farm families," said Melissa O'Rourke, the Iowa State University farm and agribusiness management specialist in northwest Iowa.
"And actual implementation of a transition plan can be even harder."
That's why Iowa State University Extension offers an "Evaluating Your Estate Plan" workshop to answer transition and estate planning questions and help families prepare for the future.
The one-day workshop will be held on June 24 at the ISU Webster County Extension and Outreach Office.
"Families and individuals should plan adequately to protect assets that they have built over a lifetime of hard work" according to O'Rourke, one of the speakers at the event. O'Rourke is an attorney experienced in agricultural law and estate planning.
Kelvin Leibold, also an ISU Extension farm and agribusiness management specialist, will be the other featured speaker at the workshop. Leibold joined ISU Extension in 1987 and has vast experience in working with agricultural clients in farm and business planning.
According to Leibold, "There are options particularly suited for consideration by farm families, different ways to transition farm management and assets. This program helps farm families plan for the future."
The workshop will discuss the language of estate planning, gift, estate and inheritance taxes, calculating retirement costs, and many other areas vital to creating a good estate plan.
"We're really excited about this workshop because it doesn't just stop at providing valuable information for anyone concerned about estate and transition plans," said O'Rourke.
"Everyone will participate in a hands-on analysis and discussion of case studies that will help folks apply the information to their own situations."
Workshop registration will start at 9 a.m., and the workshop will adjourn at 4 p.m. Advance registration is required and space is limited.
Cost is $50 per person and includes lunch and materials. To pre-register, call the Webster County Extension Office, 576-2119.