Estate and Succession Planning Webinar

Resources to better understand and enact farm succession planning

October 4, 2023, 9:26 am | Kitt Tovar Jensen, Ann Johanns

AMES, Iowa -- A common misconception in farm estate and succession planning is that an estate plan is only used after an individual passes away. In truth, a comprehensive estate plan should also provide for possible long-term care needs, dictate health care directives and designate a trusted individual to oversee desired funeral arrangements.

In order to help the farming community better understand estate planning, Iowa State University Extension and Outreach recently published a 100-page guide called “Estate and Succession Planning for the Farm.”

Estate and Succession Planning guide.This educational resource covers property ownership, wills and trusts, estate and gift tax, income tax planning, business entity planning and more.

The workbook is designed to educate and answer questions that may arise during the planning process. It is intended to complement – not replace – advice from legal and tax experts. It includes 12 chapters, as well as a glossary of terms and blank pages for personalized input and planning.

“This workbook serves as a valuable guide during any phase of the planning process,” said Ann Johanns, program specialist with ISU Extension and Outreach. “It guides the reader through complex topics by providing illustrative examples throughout and sharing common aspects of estate planning to consider.”

The workbook will be highlighted during an Oct. 11 webinar for women farmland owners, in a session called “End-of-Life Taxes and Expenses,” featuring Kitt Tovar Jensen, staff attorney with the Center for Agricultural Law and Taxation and moderated by Johanns, from noon to 12:45 p.m.

A second webinar, called “Slowing Water Down,” will be held Dec. 13 from noon to 12:45 p.m. with Catherine DeLong, water quality program manager with ISU Extension and Outreach.

The bi-monthly series is part of a multi-year project led by the extension farm management team’s women in ag program to better understand and meet the educational needs of women farmland owners.

Participants can select specific sessions or register for the full series. A separate invitation email will be sent for each webinar you register for with the link to join the live session. (Reminder emails will also be sent shortly before each live session.) All sessions will be recorded with a link shared via follow-up emails after each live event, and archived on the Ag Decision Maker website.

The series is offered through collaborations with Iowa State’s Center for Agriculture Law and Taxation, Water Quality Initiative, and the Department of Economics, the project is bringing comprehensive land management information to audiences of women farmland owners.

Women Managing Farmland programs and resources are financially supported by a USDA National Institute of Food and Agriculture - Critical Agriculture Research and Education grant (2021-68008-34180) and a Farm Credit Services of America gift. For information on Women Managing Farmland courses, visit the Women in Ag website.

1. Cover image of "Estate and Succession Planning for the Farm," a 100-page guide and workbook published by Iowa State University Extension and Outreach.

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