02-06-17 CSU Extension to Host Estate Planning Workshop in Holyoke on Feb 15th…

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CSU Extension to Host Estate Planning Workshops

Colorado State University Extension will host workshops focusing on business succession and estate planning in Holyoke on February 15th. The meeting will begin at 5:30pm and conclude at 8:30pm in the Ortner Room of the Phillips County Events Center.

Planning how to transfer your farm, ranch, or other business to the next generation is difficult. Just as is planning for retirement and formalizing your estate plan. The many emotional issues involved with such planning causes us to procrastinate. We don’t want to make some of the tough decisions, so we don’t!

Yet, if we don’t proactively plan for our retirement, selecting someone to take over the ranch, or formalize our estate plans, things could get messy. We may miss out spending much time with our grandchildren or touring the country. We could cause our family to argue or even split up due to our unwillingness to talk with our families and plan for the future. Also, the government has a plan settling our estate – though no one may like the results.

Experts at Colorado State University understand you may be uncomfortable with these topics and the importance of planning for the transfer of your business to the next generation, making plans for retirement, and formalizing estate plans. Jeff Tranel and Dr. Norm Dalsted, agricultural and business management economists, have been working with farm and ranch families for over 30 years.

“One of the greatest reasons that farms and ranches fail in the second generation is that Mom and Dad did not talk with their children and plan” says Dr. Dalsted. “It’s almost like they want their children to be unsuccessful – yet, I know they don’t.”

Tranel and Dalsted have worked with hundreds of farm and ranch families throughout Colorado. They have conducted almost 50 “Leaving a Lasting Legacy” workshops in which they focus on family communications, the four pillars of a lasting legacy, and setting goals for the next generations.

Joining Tranel and Dalsted are Jenna Keller and Deb Conway. Ms. Keller and Conway are attorneys who work with farm and ranch families throughout Colorado and Nebraska as they formalize their estates.

Colorado State University Extension will host workshops focusing on business succession and estate planning in Holyoke on February 15th. The meeting will begin at 5:30pm and conclude at 8:30pm in the Ortner Room of the Phillips County Events Center.

People interested in participating in a “Handing it off to the Kids!” workshop should contact CSU Extension. In order to guarantee ample seating and copies of materials, people should register at least one week before the date of the workshop. To register for the Holyoke workshop, please contact Dennis Kaan at 970-345-2287 or by email at dennis.kaan@colostate.edu. Registration information may also be found at http://goldenplains.colostate.edu.

There is a registration fee of $50.00 per family for up to 3 family members and $10.00 per person for more than 3 family members. For the meeting in Holyoke, payment can be made by check or credit card at the beginning of the program.

According to Tranel, “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.”

Colorado State University Extension programs are available to all without discrimination.

Colorado State University Extension is your local university community connection for research-based information about natural resource management; living well through raising kids, eating right and spending smart; gardening and commercial horticulture; the latest agricultural production technologies and community development. Extension 4-H and youth development programs reach more than 90,000 young people annually, over half in urban communities.