Statewide Farm Succession and Estate Planning Conference
Are you worried about passing your farm on to the next generation? Are you trying to figure out what the possible tax law changes will mean to you? Do you need a refresher on all of the steps to complete for your estate plan? The Take Root Farm Succession Planning Conference is for you. Stay tuned for details on the next Take Root event.
Registration is now open through February 16, 2024!
Keynote Speaker
Jolene Brown, CSP, CPAE
Jolene Brown is a walking, talking spokesperson and champion for the people of agriculture. She’s a farmer in eastern Iowa, contributor to Successful Farming magazine’s popular family business column, author and member of the CPAE Speaker Hall of Fame. Audiences worldwide appreciate her fun spirit and valuable information. She’s on a mission to share leading-edge best practices, appreciation, laughter and celebration to increase productivity, profitability and peace of mind.
Agenda and Breakout Sessions
7:30-8:15 a.m. Registration and breakfast — Lobby/Heritage Room
8:15-8:30 a.m. Welcome — Heritage Room
8:30-10:00 a.m. The Positives of Passing it On, Jolene Brown — Heritage Room
10:15-11:00 a.m. Breakout Session 1
- Estate Planning Essentials for Agriculture, Michael C. Zahrt, Foster Swift — Room B106/107
- Succession Planning for Ag, Dean Reisner, Varnum LLP — Room A169
- Use of Business Entities to Transfer Ownership to the Next Generation, Danelle Harrington, Warner Norcross + Judd LLP — Room A170
- Financial Planning & Wealth Management Case Studies — Prosperous Plots and Harvets Hiccups, Ben Bakken, Tri-Star Trust Bank — Room B120
11:15-12:00 p.m. Breakout Session 2
- Estate Planning Essentials for Agriculture, Michael C. Zahrt, Foster Swift — Room B106/107
- Succession Planning for Ag, Dean Reisner, Varnum LLP — Room A169
- Large Farms and Multiple Operations — Farm Estate Tax Planning, Jeff Bushey, CPA, Nietzke & Faupel, PC — Room A170
- How Do We Structure Our Growing Business?, Todd Hoppe, Foster Swift — Room B120
12:00-12:50 p.m. Lunch — Heritage Room
1:00-1:45 p.m. Breakout Session 3
- Succession Planning for Ag, Michael Fraleigh, Fraleigh Law — Room B106/107
- Estate Planning and Life Insurance Options, Trent Rappuhn, Frank Campione & Jim Dempsey, Farm Bureau Insurance of Michigan — Room A169
- Why Should We Create an LLC?, Trent Hilding, Law Firm of Trent C. Hilding, PLC — Room A170
- Large Farms and Multiple Operations — Farm Estate Tax Planning, Jeff Bushey, CPA, Nietzke & Faupel, PC — Room B120
2:00-2:45 p.m. Breakout Session 4
- Estate Planning Essentials for Agriculture, Thomas A. Doyle, Doyle Law PC — Room B106/107
- Financial Resilience: Insights on Legal, Tax, and Financial Strategies for Farms, GreenStone Farm Credit Services — Room A169
- Why Should We Create an LLC?, Trent Hilding, Law Firm of Trent C. Hilding, PLC — Room A170
- Medicare Made Easy, Sylvia Bittner, Farm Bureau Health Services — Room B120
3:00-4:00 p.m. Harvest the Humor: A Celebration of Life on the Farm, Jolene Brown — Heritage Room
4:00 p.m. Thank you and wrap-up — Heritage Room
Estate Planning Essentials for Agriculture
Michael C. Zahrt, Attorney, Foster Swift
Thomas A. Doyle, Attorney, Doyle Law PC
Maximize and preserve wealth during lifetime; transfer wealth at death to intended recipients; minimize estate administration expenses; reduce or defer taxes; property ownership; and avoid conflict among family members.
Succession Planning for Ag
Dean Reisner, Partner, Varnum LLP
Michael Fraleigh, Attorney, Fraleight Law Firm, PLLC
Farm Transfer Factors & Strategies; Distribution Issues with Farming and Non-Farming Beneficiaries; Buy/Sell Agreements; Choosing the Best Business Structure; and Building a Management Team; Communication.
Use of Business Entities to Transfer Ownership to the Next Generation
Danelle Harrington, Partner, Warner Norcross + Judd LLP
The importance of buy-sell agreements and using entities for distributing farmland and to equalize the distribution of the estate.
Financial Planning & Wealth Management Case Studies — Prosperous Plots and Harvest Hiccups
Ben Bakken, CFP, CEPA, Senior Vice President and Market Director, Tri-Star Trust Bank
A review of case studies detailing financial planning and wealth management successes and failures.
Large Farms and Multiple Operations — Farm Estate Tax Planning
Jeff Bushey, CPA, Managing Principal, Nietzke & Faupel, PC
Now you have multiple operations, generations of family members, and numerous farm employees. You have farm managers. You have grain elevators, livestock, trucking, real estate and cropping, all run independently. You do contract work for other farms and agribusinesses. What structure should you be moving to? Should you do it all at once or in stages? What are other companies doing?
How Do We Structure Our Growing Business?
Todd Hoppe, Attorney, Foster Swift
Review of current estate tax system; structures for farm transitions; using estate tax rules to create tax benefits; structures to reduce and or eliminate estate taxes; and common Pitfalls to avoid in estate and succession planning.
Estate Planning and Life Insurance Options
Trent Rappuhn, Advanced Life Planning Managing General Agent, Farm Bureau Insurance of Michigan
Frank Campione, Advanced Life Planning Specialist, Farm Bureau Insurance of Michigan
Jim Dempsey, Advanced Life Planning Specialist, Farm Bureau Insurance of Michigan
Uses for life insurance to maximize and preserve Farm succession and wealth. Strategies to provide income tax free liquidity to transfer farm or other assets to next generation. Uses for insurance to equalize an estate when some family members will receive the farm and other family members may not be part of the farm operations. Increased awareness of tools for tax efficiency during lifetime and tax efficiency at death related to pending legislative tax proposals impacting farms, businesses, high income, high net worth taxpayers and those facing large capital gain transfers. Coordinate existing/additional insurance with overall estate plan.
Why Should We Create an LLC? (Forming and Operating LLCs)
Trent Hilding, Attorney, Law Firm of Trent C. Hilding, PLC
Analyze the decision-making process for determining if you need an LLC to help protect your business or assets. In addition to helping you understand the use and benefits of LLC formation, this presentation will provide you with valuable information needed to form, file, and create an LLC — helping your lenders and insurance agents to easily identify new operations. Discuss and talk through the items that should be considered when operating a new LLC and get the maximum benefit from establishing the new business.
Financial Resilience: Insights on Legal, Tax, and Financial Strategies for Farms
Chad Zagar, Vice President - Managing Director, GreenStone Farm Credit Services
Michael O’Neal, VP & Deputy General Counsel,, GreenStone Farm Credit Services
Stevan Stoutenburg, Financial Services Officer, GreenStone Farm Credit Services
Join GreenStone for a session on financial resilience, where we'll guide you through the nuances of optimizing tax efficiency in farm operations and transitions. Explore key legal considerations in choosing a business structure, weigh the pros and cons of different entities, and learn valuable strategies for tax advantage and cost mitigation. From early transition stages to lender perspectives and financing insights, gain practical knowledge to foster financial success in your farm business.
Medicare Made Easy
Sylvia Bittner, Medicare Products Sales Specialist, Farm Bureau Health Services
Are you planning to retire soon? Are you or a family member turning age 65? Medicare can be confusing. It’s easy to miss important information and make a wrong choice that can cost you thousands of dollars down the road. Come to this session to learn the A,B,C’s (and D!) of Medicare from our Medicare expert. No products will be sold here. This is strictly educational.
Food will be served throughout the day:
Light breakfast available from 7:15-11:00 a.m.
Lunch available from 12:00-12:50 p.m.
Afternoon snacks available from 1:30-4:30 p.m.
Presented by:
Sponsored by:
Farm Bureau Insurance, Farm Bureau Crop Insurance, Foster Swift Collins & Smith PC, Varnum LLP, Warner Norcross + Judd LLP, and Fraleigh Law.