Estate Planning Workshop to Baca County on June 7th in Springfield, CO
Sensitive issues, such as money, death, and family relations are difficult issues not only to bring up but also to talk about in any depth. It is hard to approach these issues calmly when there are strong feelings about what is important. Some people avoid discussing these subjects because they believe it to be disrespectful and uncomfortable. A survey of Americans found that both parents and adult children were uncomfortable discussing the one-dimensional topic of leaving an “inheritance”, but both enthusiastically embraced the idea of leaving a “legacy”. People believe a legacy captures all facets of an individual’s life-including family traditions, history, sharing stories, values, and wishes. For most people inheritance or estate planning are scary, dry terms. A complete legacy, according to the study, is built on four pillars-Values and Life Lessons, Personal Possessions of Emotional Value, Instructions and Wishes to be Fulfilled, and Financial Assets/Real Estate.
The workshop is designed to help families document their wishes and communicate those wishes to family members.
“Everyone should determine what and to whom they want to pass on the legacies of their lives and then communicate those wishes with family members,” according to Jeff Tranel, CSU Agricultural and Business Management Economist and author of “Leaving a Lasting Legacy”. Tranel added “The difficult part of succession and estate planning is talking with family members. It is much easier to visit with a qualified accountant and attorney to apply the available tools.”
The day long workshop will walk participants through the four pillars of a Lasting Legacy. Past workshop participants have greatly enjoyed Tranel’s, ABM Economist with CSU, use of stories, discussion, examples, clickers, and other educational tools to help farm and ranch families begin documenting their legacies. Dr. Dalsted said “this program will truly help farm and ranch families get things in order before they consult with an attorney. There are many tools available for estate planning. However, if a family does not know what it wants to have happen to their personal assets and farm, the tools may not be the right ones.”
Tranel will speak on Tuesday, June 7th, 2016 at the Minnick Building in Springfield, Colorado. The day long workshop will begin at 9:00 a.m. and conclude at approximately 3:30 p.m.
People interested in participating in the workshops should contact the County Extension Office at (719)523-6971 or firstname.lastname@example.org.
The cost for the workshop will be $20 for the first family member and $10 for each additional family member attending. Lunch and materials will be provided. Registration and payment are due no later than Wednesday, June 1st in order to allow time to accommodate lunch and seating.
Passing on one’s life work is important and critical to the success of the farm and ranch business. People should really discuss their wishes with family members, develop and document good succession and estate plans, and then consult with their attorney and accountant. The issue is so important that the USDA Risk Management Agency is funding CSU’s efforts to help Colorado’s farmers and ranchers.