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Estate Plan Fundamentals for Farmers

Learn practical farm succession planning techniques to ensure your client's farm goes to the right recipients with little disruption to operation.

Estate planning for farmers offers special challenges and opportunities for the planner. In addition to having a working knowledge of wills, trusts, powers of attorney and other common estate planning documents, the planner needs to understand that the farm is a business. How the business is held (as a proprietorship or in one or more legal entities such as an LLC or corporation) and understanding (and often assisting in the formation of) the succession plan for the business are critical aspects of the overall estate plan. The planner must possess a working knowledge of the income and transfer tax rules that may apply during lifetime and upon death of the farmer.

Runtime: 105 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Basic Estate Plan

  • Wills and Revocable Trusts
  • Durable Powers of Attorney
  • Health Directives

Choice of Entity

  • Non-Tax Advantages and Disadvantages
  • C Corporation vs. S Corporations
  • Tax Advantages and Disadvantages

Transfer Tax and Tax Basis Considerations

  • What Does Portability Mean?
  • What Do Higher Exemptions Mean?
  • Valuation Discounts
  • Basis Step-up at Death
  • Lifetime Gifting With Annual Exclusions
  • Lifetime Gifting With Exemptions
  • Lifetime Sales
  • Other Tax Considerations

Life Insurance

Family Dynamics

  • Control, Decision Making Process, Succession Plan, Conflict Resolution and More
  • Children May Want to Leave the Farm for Greener Pastures
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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Mark R. Shepherd

Mark R. Shepherd

Crist, Biorn, Shepherd & Roskoph

  • Shareholder with the law firm of Crist, Biorn, Shepherd & Roskoph
  • Clients include wealthy individuals, C and S corporations, limited liability companies, partnerships and family foundations
  • Provides tax opinions and tax dispute resolution
  • Achieved the highest rating with Martindale-Hubbell Law Directory
  • Lectures and teaches frequently in the areas of taxation and estate planning
  • Wrote, "2036(c)Alert" published in the Fall, 1989, issue of the Golden Gate University Tax Exchange and co-wrote, Estate Planning for Farmers and Ranchers, University of California Publication 21515, 1993
  • J.D. degree, with honors, and LL.M. degree, Golden Gate University School of Law; B.A. degree, magna cum laude, San Francisco State University
  • Can be contacted at 650-321-5005 or [email protected]
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 397563
Published 2016
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