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Sustaining the Legacy:

Estate Planning and Farm

Transitions

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Goals for South Dakota Programming Efforts

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Goals: Increase Communication in the family

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Provide you with tools

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Remove some of the mystery

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Get you motivated, and keep you motivated

What have we done?

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What has been done?

• Aberdeen (2)

• Watertown• Flandreau• Huron• Milbank• Redfield• Brookings

(2)• Sioux Falls

(2)• Parker• Mitchell (2)• Yankton• Chamberlain• Mobridge

• Elk Point• Pierre• Onida• Winner• Philip• Lemmon• Rapid City

• 337 Families-2008 to 2013

• Individual Producers• Network of Experts

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Network of Experts

Attorneys

Estate Planners

Tax Advisors

Retirement Fund Managers

Life Insurance Agents

Long Term Care Agents

SD Dept of Social Services

SD Dept of Agriculture

Funeral Home Directors

Has it worked?

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  Number Percentage

YES 40 49%NO 45 55%

When I attended the Estate Planning/Farm Transitions Conference I had an Estate Plan in place.

  Number Percentage

YES 69 81%NO 16 19%

I have made changes to my Farm Transition Plan since attending.  Number Percentag

e

YES 56 79%NO 15 21%

I have made changes to my Estate Plan since attending.

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  Number Percentage

Updating Will(s) 45 51%Changed Life Insurance Policy

12 15%

Created a Trust 39 48%Transferred Personal Property

15 18%

Sold Assets to Heirs 5 6%Gifted Assets 12 15%Added Retirement Account

8 10%

Communication with Heirs

42 51%

Funeral Planning 9 11%

These changes included: (check as many as needed)

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  Number Percentage

Less than 25%

16 20%

25-49% 15 18%50-74% 19 23%75-99% 20 24%100% 12 15%

Eighty percent of the participants considered themselves 25% or more completed with their estate plans and 39% considered themselves 75% or more completed with their plans.

Keep in mind these results include participants from 2008, 2009, 2010, 2011 and 2012. The 2012 group of participants have only been out of the conferences for two months. *Percentages will not equal 100 due to rounding.

At this time we consider our Estate Plan ___% finished.

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  Number Percentage

Less than 25%

19 26%

25-49% 16 22%

50-74% 13 18%

75-99% 13 18%

100% 12 16%

Of the participants that have an heir coming back to the operation, 74% consider their transition plan 25% or more completed, and 34% consider it 75% or more completed.

Keep in mind these results include participants from 2008, 2009, 2010, 2011 and 2012. The 2012 group of participants have only been out of the conferences for two months. *Percentages will not equal 100 due to rounding.

At this time we consider our Farm Transition Plan ___% finished.

Things we have done different.

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All face-to-face meetings Connect with group leader and other participants

3 or 4 day sessions Too much information for 1 day

Homework Start the conversations at home

Industry professionals as speakers They know who can help them develop their plan

Why working with the SD Soybean Research and Promotion Council works?

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Changes are being made to estate plans, including communication within families about the transition

Soybean farmers are benefiting from the check-off dollars

Education provided at fraction of the cost to provide programming ($75)

Keeping farm ground in farm families

$135-150 per person for program- not including staff salary

Haven’t had any plans “enacted” yet, but the goal of many families it to keep farming children farming and plans are being created to accomplish that

What’s next?

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Next….

Publication Series

On-line version

Pod Casts

Face-to-Face

Personal One-on-One

Continued funding

Research

Questions?

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