Live Seminar

Estate Planning for Farmers and Ranchers

Seminar

Date:

Friday, May 11, 2018

Time:

9:00 AM - 4:30 PM

Product ID#:

78872ER

Location:

Hilton Garden Inn Sioux City Riverfront

1132 Larsen Park Road

Sioux City, IA 51103

$349.00

$339 / Each Additional

Registration Includes Course Book

Credit Information

Continuing Legal Education

  • IA CLE - 6.00
  • NE CLE - 6.00

CPE for Accountants

  • CPE for Accountants/NASBA - 7.00

Other

  • Financial Planners - 7.00

Program Description

How to Protect Farm Assets and Transfer Them to Heirs

Estate planning for farms and ranches requires specialized knowledge and tools to ensure the best client representation. This legal course 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 - register today!

  • Take full advantage of government farm programs and valuation discounts.
  • Explore the deciding factors in choosing the right business entity when planning ownership transfer.
  • Analyze the liquidity of farm assets and augment each plan accordingly.
  • Employ all available tools for transferring assets and preserving wealth.
  • Tackle harvest yield predictions and other unique factors of farm asset valuation.
  • Recognize when giving away the farm is the wisest financial decision and how to do it properly.

Who Should Attend

This basic-to-intermediate level seminar is designed for:

  • Attorneys
  • Estate and Financial Planners
  • Accountants and CPAs
  • Tax Preparers
  • Trust Officers
  • Paralegals

Course Content

  1. Business Structure Choice and Conversion - Including Sample Documents
  2. Planning for a Full or Partial Outright Sale or Gift
  3. Income and Gift Tax Planning
  4. Medicaid (Long-Term) Planning for Farmers and Ranchers
  5. Planning for a Gradual Transfer Within the Family
  6. Transfers Upon Death: Key Estate Administration Concerns

Continuing Education Credit

Continuing Legal Education

Credit Hrs State
CLE 6.00 -  IA
CLE 6.00 -  NE

Financial Planners – Financial Planners: 7.00

National Association of State Boards of Accountancy – CPE for Accountants/NASBA: 7.00 *


* denotes specialty credits

Agenda / Content Covered

  1. Business Structure Choice and Conversion - Including Sample Documents
    9:00 - 10:00, Kent Vriezelaar
    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?
    6. Should the Farm Own the Residences?
    7. Should the Farm Own the Vehicles?
  2. Planning for a Full or Partial Outright Sale or Gift
    10:15 - 11:15, Kent Vriezelaar
    1. Sale to Third Party
      1. Financing
      2. Tax Considerations
      3. Purchase Agreement Design
    2. Gifting
  3. Income and Gift Tax Planning
    11:15 - 12:15, Lindsay R. Buchheit
    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. Family-Owned Business Deduction
    7. Use of Conservation Easements
    8. Corporate Stock as a Major Estate Asset
  4. Medicaid (Long-Term) Planning for Farmers and Ranchers
    1:15 - 2:15, Lindsay R. Buchheit
    1. Ways to Pay for Long-Term Care Costs
      1. Assets
      2. Long-Term Care Insurance
      3. Veterans' Benefits
      4. Medicaid Benefits
    2. Medicaid Eligibility Requirements - Income, Asset and Transfer Tests
    3. Eligibility Issues Specific to Farmers and Ranchers
      1. Countable Income vs. Non-Countable Income
      2. Exempt Assets
      3. Residency Requirements
      4. Tax Return Filings
      5. Transfer of Family Farm to Next Generation
    4. Asset Protection and Medicaid Eligibility Planning Strategies
    5. Crisis Planning and Penalty Periods
    6. Estate Recovery
  5. Planning for a Gradual Transfer Within the Family
    2:30 - 3:30, Kyle S. Irvin
    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
    7. Tax Considerations for Farm Heirs
    8. Fairness to Non-Farm Heirs
  6. Transfers Upon Death: Key Estate Administration Concerns
    3:30 - 4:30, Kyle S. Irvin
    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

LINDSEY R. BUCHHEIT is the founder of Buchheit Law, PLC, where her practice includes estate planning, probate, trust administration, family and divorce law, and general business. She earned her B.A. degree, with high distinction, from the University of Nebraska Wesleyan and her Juris Doctorate degree from the University of Nebraska. Currently, Ms. Buchheit is the only attorney in Iowa to hold the estate planning law specialist (ESPL) designation through the Estate Law Specialist Board, Inc., an organization accredited by the American Bar Association and affiliated with the National Association of Estate Planners & Councils. Ms. Buchheit also earned the designation as an accredited estate planner (AEP) through the National Association of Estate Planners & Councils. Ms. Buchheit’s office is in Sergeant Bluff, Iowa, where she practices law in Iowa, Nebraska, and South Dakota. Buchheit Law is the February 2015 recipient of the Iowa Small Business Development Center's Business of the Month Award. In 2015, 2016, and 2017, Ms. Buchheit was recognized among the top ten family law attorneys in the state of Iowa by the National Academy of Family Law Attorneys, and a Great Plains Rising Star by Super Lawyers. In 2016, she was selected and featured as the cover person for the magazine, Siouxland Woman, and was named Siouxland’s Top 10 Under 40.

KYLE S. IRVIN is a partner with Corbett, Anderson, Corbett, Vellinga & Irvin, L.L.P. He is engaged in the general practice of law with a large part of his practice devoted to the areas of estate planning, probate administration, drafting of wills and trusts, real estate, business corporations, and debtor/creditor issues. Mr. Irvin is a fellow with the American College of Trust and Estate Counsel (ACTEC); was chairperson of the governing council for the Probate, Trust, and Estate Planning Section of the Iowa State Bar Association for 2016-2017; and is a past president of the Siouxland Estate Planning Council. He is a member of the Iowa State Bar Association, Nebraska State Bar Association, and State Bar of South Dakota. Mr. Irvin also serves on the Board of Directors for Sunrise Manor Retirement Community in Sioux City, Iowa. He earned his B.A. degree, magna cum laude, from Northwestern College and his J.D. degree from the University of Iowa.

KENT VRIEZELAAR is a partner in the Sioux City law firm of Vriezelaar, Tigges, Edgington, Bottaro, Boden & Ross, L.L.P. He handles all types of business and tax matters, including corporate planning and implementation; income, estate and gift tax planning and coordination; acquisitions, sales and mergers; contracts; partnership and limited liability company law; ERISA, pension, employee benefits and executive compensation; commercial and creditors' rights law; probate and trust matters; and litigation involving employment, ERISA, tax, probate and contract disputes. Mr. Vriezelaar is a member of the Litigation Section of the American Bar Association and the Tax and Law Practice Management sections of the Iowa State Bar Association. He is a frequent speaker at legal seminars and is named in The Best Lawyers in America in the category of employee benefits. Mr. Vriezelaar earned his B.B.A. degree at the University of Iowa and his J.D. degree, with honors, at the University of Iowa School of Law.

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

IA CLE: 6.00
"Estate Planning for Farmers and Ranchers" is an accredited program under the regulations of the Iowa Supreme Court Commission on Continuing Legal Education. It is planned that this program will provide a maximum of 6.0 hours of regular credit toward the mandatory continuing legal education requirements under the Iowa rule, including 0.0 hour of ethics credit.


NE CLE: 6.00
NBI, Inc. is an accredited CLE sponsor in the state of Nebraska. This activity has been approved for 6.0 CLE credits, including 0.0 hour of professional responsibility credit.


Financial Planners

N CF: 7.00
This program has been accepted by the Certified Financial Planner Board of Standards Inc. and qualifies for 7.0 hours of CE credit for CFP® Certificants. The Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with plaque design) and CFP® (with flame design) in the US, which it awards to individuals who successfully complete initial and ongoing certification requirements.

Upon completion of this course, attendee will be able to: 1. Identify what business entity provides the best creditor/liability protection. 2. Explain how income tax on deferred payment receipts is reported. 3. Restate the eligibility requirements of Medicaid specific to farmers and ranchers. 4. Name three tax considerations for planning for a full or partial sale or gift. 5. Distinguish between farm ownership and right to use in planning a gradual transfer within the family. 6. Identify three major problems likely to occur when administering an estate that includes a farm.

National Association of State Boards of Accountancy

N NAS: 7.00 Includes - Taxes: 7.00
NBI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This program is designed to qualify for 7.0 hours (based on 50 minute credit hour) of continuing professional education credit for accountants. For more information regarding administrative policies such as complaint and refund, please contact our offices at (800) 930-6182.

This is a basic to intermediate level program presented in a group live setting. Accountants should have a basic understanding of the challenges and opportunities unique to estate planning for farmers. This course will: - Present ways to determine the goals and objectives of your client and all interested parties. - Discover how to use family farm assets to fund retirement and long -term care. - Identify ways to take full advantage of government farm programs and valuation discounts. - Explore the deciding factors in choosing the right business entity when planning ownership transfer. - Analyze the liquidity of farm assets and augment each plan accordingly. - Employ all available tools for transferring assets and preserving wealth. - Review a sample farm lease agreement to explore all its potential risks and opportunities. - Tackle harvest yield predictions and other unique factors of farm asset valuation. - Present ways to recognize when giving away the farm is the wisest financial decision and how to do it properly. Field(s) of Study -- Taxes.

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Questions


How To Order

Web: Order Now
Call: 800.930.6182
Fax: 715.835.1405
Mail: NBI
P.O. Box 3067
Eau Claire, WI 54702