Estate Planning needs addressed through the Clarinda, Iowa Annie’s Project

Agriculture and Natural Resources Extension
Iowa State University

Extension Lead(s)
(name, position, counties served, contact information)

Tim Eggers, Iowa State University Extension Field Agricultural Economist
US Mail 311 East Washington Street, Clarinda, IA 51632
E-mail teggers@iastate.edu Cell 712 303 7781, Fax 712 542 5936
Point of Contact for Adair, Adams, Cass, Decatur, Fremont, Harrison, Mills, Montgomery, Page, Pottawattamie, Ringgold, Taylor, Union, and Winterset counties.

Your Position

­­­­­Field

POW # and Team

120 Farm and Business Management­­­

ANR Priority (select all that apply)

­­­­­Global Food Security and Hunger­

Title of Success Story

Estate Planning needs addressed through the Clarinda, Iowa Annie’s Project

Continuing Story

No

Knowledge Areas: (USDA categories)

602. Business Management, Finance, and Taxation

Desired Changes
Learning
Actions
Conditions

Participants will review their existing estate plan and visit with their attorney if necessary to make changes.

RELEVANCE
(Why is it important to address this issue with education? What are the desired changes?)

Estate Planning is an activity with multiple barriers; recognizing your own mortality, the cost, the confusion regarding terms and tools, and the difficulty in making a decision regarding the allocation of assets based on fairness or equality. The desired action is stated above, and the educational effort was designed to overcome the barriers through discussion and meeting the following objectives.
• Learn how farm property is owned and why it matters (Understand)
• Understand powers of attorney (Understand)
• Understand how an estate plan affects the next generation and why it needs regular review (Understand)

RESPONSE
(Outputs: activities, numbers reached, publications, products)

20 participants
2 of the 18 hours of contact (six three hour sessions)
1 of the 12 presenters (2 ISUE staff presenters)
Annie’s Project – Understanding Revenue Policies has resulted in new training documentation and a complete rethinking of the evaluation protocol.

RESULTS(Outcomes:  specific changes that occurred in Learning, Actions,Conditions; how outcomes were measured)

Participants were instructed to review the list of sixteen topics and fifteen speakers as they listed action steps and anticipated action steps in two time periods. Participants were provided blank lines to fill in the information, and their responses related to estate planning follow the statements.

  1. List actions steps you have taken from January 21 through February 18, 2010.

Discussion with spouse on estate planning and ownership of land
Reviewed my estate plan with my atty – equal is not always equitable
I made an appointment with my attorney.
Law questions
Reviewed our estate plans

  1. List action steps you are planning to take from February 25 through June 1, 2010.

Review estate plan.
Secure will
Complete land survey and put it in our name, Joint Tenants with Rights of Survivorship, not tenants in common.
See lawyer to do some estate planning, will, Durable Power of Attorney
They were provided blank lines to fill in the information. Six months later they were asked to respond in a like fashion.

  1. List actions steps you have taken since February 25, 2010.

Still plan to update wills and draft a durable P.O.A.
We are changing estate planning
We have met with our attorney
Reviewed estate plan with attorney
In addition the 41 pre and post forty-one question risk management instruments and end of session evaluations provides some measure of activity. There were five questions on the risk management survey related to estate planning. One was “Do you have an estate plan?” On January 21, 52% said they didn’t and 21% said they didn’t know. On August 31, 89% said that they did. The end of session evaluation asked a question that indicated a call to action, and only two participants answered in the negative.

  1. Do you think it is necessary to review your estate plan? If so, why?

Yes as your life and circumstances change your need to adjust it to better suit your needs
Need one first
Yes – because reviewing it means that I finally have one!
I think so! We don’t have one
Yes, to decide where it goes, taxes and how to pay them, how to keep the estate going to where you want it.
Yes, everyone needs to be on the same page and changes can happen.
Yes – situations change with time
Yes – so when something happens you have everything in order
Yes – I hadn’t thought about it before, I naturally assumed my husband or children would get any profits, land, assets, should I die. Not once did I think about them having to pay taxes on it. I will now.
Laws change, situations change
The estate needs change as life situations change. A person may have changed their mind as to where to direct assets.
Yes because laws change
Yes – we have twice because land values change as well as other things
Laws change, circumstances change, life changes
Definitely – you want to always have your wishes in writing. Don’t leave that headache for your heirs.
No
Medical and financial changes can affect one’s wishes
Yes – I’m sure there are ways I need to change certain areas of our plans – trusts
Yes
No – it’s fairly new

Public Value (now or future)
(Impact:  Who benefits beyond participants and how?  What conditions changed?)

The orderly transition of assets through an estate plan provides for business stability for heirs and employees. It also has direct positive impacts on business partners in the community. Owners with confidence in their estate plan may be more likely to engage in community activities due to an improved sense of well-being and stability.

Major Partners or Collaborators

Heidi Carter, Page County Extension Director
Page County Agricultural Extension District
Beverly Jones, Attorney at Law

Where story took place
(Region, campus, multi-regional)

Clarinda, IA
Page, Montgomery, Mills, Taylor, Adams county clientele (clients from Regions 17 & 18)

Fiscal Year

FY10/11

Multi-state or Integrated (Ext + Research)

Results used in training Annie’s Project educators in ID, NC, NJ, NY, PA, SC, and TX.

Funding Source

Risk Management Agency

Keywords

Annie’s Project, Risk Management, Farm Management

 

Page last updated: July 28, 2011
Page maintained by Julie Honeick, jhoneick@iastate.edu