Audio CD + Course Book

Estate Planning for Farmers and Ranchers

Audio CD + Course Book

Copyright Date:

February, 2018

Product ID#:

78224CDRA

Audio + Course Book

Credit Information

Continuing Legal Education

  • ND CLE - 6.00
From Event: Estate Planning for Farmers and Ranchers, held February 2018.

Program Description

Estate planning for farms and ranches requires specialized knowledge and tools to ensure the best client representation. This legal guide will give you the knowledge to preserve the farms and other assets your clients have worked their entire lives to acquire and build. Explore the challenges and opportunities unique to estate planning for farmers to help make good sense of difficult legal and financial policies. Learn what you need to know about estate taxes, wills, trusts, government programs, and other key elements. Help your clients take care of their estate planning needs and their family's future - order today!

Course Content

  1. Goal Setting
  2. Business Structure Choice and Conversion - Including Sample Documents
  3. Income and Gift Tax Planning
  4. Non-Tax Estate Planning Considerations
  5. Planning for a Full or Partial Outright Sale or Gift
  6. Agricultural Use Valuation
  7. Farm Lease Agreement
  8. Planning for a Gradual Transfer Within the Family
  9. Transfers Upon Death: Key Estate Administration Concerns
  10. Planning for the Heirs/Beneficiaries

Continuing Education Credit

Continuing Legal Education – CLE: 6.00 ND - Credit Approval Expiration 02/15/2020


* denotes specialty credits

Agenda / Content Covered

  1. Goal Setting
    9:00 - 9:30, F. John Williams III
  2. Business Structure Choice and Conversion - Including Sample Documents
    9:30 - 10:30, Timothy G. Richard
    1. Entity Choice
      1. Sole
      2. Partnership
      3. LLC
      4. FLLP
      5. Multiple Entities
    2. Creditor/Liability Protection
    3. Entity Conversions: Why and When
      1. Retaining the C Corporation
      2. Adding a New Entity (e.g. LLC)
      3. Converting to an S Corporation
      4. Converting to Multiple Entities
      5. Converting to a Family Limited Partnership
      6. Dissolving the C Corporation and Starting Over
    4. When Should Conversion Plans be Made?
    5. How are Conversion Plans Implemented?
  3. Income and Gift Tax Planning
    10:45 - 11:30, Jessica L. Foss
    1. Self-Employment Tax
    2. Reporting Farm Income
    3. Reporting Tax on Deferred and Installment Payments Received
    4. Taking Advantage of Farm Deductions
    5. Farm Equipment Depreciation
    6. Gift Tax 101
  4. Non-Tax Estate Planning Considerations
    11:30 - 12:00, Timothy G. Richard
    1. Should the Farm Own the Residences?
    2. Should the Farm Own the Vehicles?
  5. Planning for a Full or Partial Outright Sale or Gift
    1:00 - 1:30, F. John Williams III
    1. Sale to Third Party
      1. Financing
      2. Tax Considerations
      3. Purchase Agreement Design
    2. Gifting
  6. Agricultural Use Valuation
    1:30 - 2:00, F. John Williams III
    1. Land Measurement, Description, Zoning
    2. Livestock Valuation and Sale
    3. Valuation of Crops in Progress - Predicting Harvest Yield
    4. Valuation Discounts
  7. Farm Lease Agreement
    2:00 - 2:30, F. John Williams III
    1. Material Participation?
    2. Land Lease by Energy Company
  8. Planning for a Gradual Transfer Within the Family
    2:45 - 3:30, Jacob L. Geiermann
    1. Leasing Land to Family
    2. The Drawbacks of Successive Life Estates
    3. Taking Off-Farm Beneficiaries' Interests Into Consideration
    4. "Imputation"
    5. Federal Farm Program Limitations
    6. Farm Ownership vs. Right to Use
  9. Transfers Upon Death: Key Estate Administration Concerns
    3:30 - 4:00, Timothy G. Richard
    1. Estate Tax Provisions Unique to Family Farms
    2. Liquidity Problem in Administering an Estate That Includes a Farm
    3. Administering an Estate that Includes a Bankrupt Farm
    4. Disposing of Trust-Owned Farms and Ranches
  10. Planning for the Heirs/Beneficiaries
    4:00 - 4:30, Timothy G. Richard
    1. Tax Considerations for Farm Heirs
    2. Fairness to Non-Farm Heirs

JESSICA L. FOSS is a shareholder with Fredrikson & Byron, P.A., where she focuses on estate tax minimization, wealth transfer and asset protection for clients and their descendants, as well as trust and probate administration. Ms. Foss earned her B.S. degree in professional accountancy from Northern State University and her J.D. degree, with distinction, from the University of North Dakota School of Law. She is admitted to practice in North Dakota and Minnesota. Ms. Foss holds a CPA license (inactive), and is a member of the Red River Valley Estate Planning Council, the State Bar Association of North Dakota, the Minnesota State Bar Association, and the Cass County and Clay County bar associations.

JACOB L. GEIERMANN is an attorney with Ohnstad Twichell where he concentrates his practice in the areas of estate planning, and trust and estate administration. He is licensed to practice law in North Dakota and Minnesota. Mr. Geiermann earned his undergraduate degree and his J.D. degree, with honors, from the University of North Dakota.

TIMOTHY G. RICHARD is a shareholder in the Fargo office of Serkland Law Firm P.C., where he focuses his practice on estate planning, probate, real estate and business law. He earned his B.S. degree in economics from North Dakota State University and his J.D. degree from the University of North Dakota, where he was a member of the Order of the Coif. Mr. Richard is admitted to practice in North Dakota and Minnesota, as well as before the U.S. District Court for the District of North Dakota. He is a member of the Red River Valley Estate Planning Council (past president), the State Bar Association of North Dakota, the Minnesota State Bar Association, and the Cass County Bar Association.

F. JOHN WILLIAMS III is a shareholder in the trusts & estates group at Fredrikson & Byron, P.A. His practice is focused on estate planning, business succession, as well as trust and probate administration. Mr. Williams' clients include farm families, small business owners, mineral owners, and executives. He earned his B.A. degree, magna cum laude, from the University of St. Thomas and his J.D. degree, cum laude, from William Mitchell College of Law. He holds a CPA license (inactive), and is a member of the State Bar Association of North Dakota, the Minnesota State Bar Association, the Cass County and Clay County bar associations, and the Red River Valley Estate Planning Council (board member). Mr. Williams is admitted to practice law in North Dakota and Minnesota.

Please refer to Continuing Education Credit FAQ for general information about seeking credit for your participation in one of our continuing education programs.

Additionally, our team of credit specialists are here to answer your specific credit-related questions weekdays 7am - 5pm Central:

Phone: 866-240-1890

Email: credit@nbi-sems.com

Accreditation Details:

Continuing Legal Education

ND CLE: 6.00 Credit Approval Exp
02/15/2020
North Dakota attorneys completing this program may claim up to 6.0 North Dakota self-study CLE credit hours, including 0.0 hour of ethics credit, on the Report of Compliance. No more than 15.0 hours of self-study CLE credit may be earned during a reporting period.


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