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Friday, April 16, 2010 Planning for Farmers Lunch and Learn
On Wednesday, we had our Planning for Farmers Lunch and Learn for advisors. Once a month, we offer an hour long education opportunity for advisors to hone in on some up-to-date topics and earn one CFP credit. This week was quite a success. The room was filled with advisors interested in reaching out to farmers who need to start thinking about their succession and transition planning. Most farmers are not aware of the planning necessary for a successful transition, and it's up to their professional advisors to make the farmers aware of the planning that needs to be done in order to pass the farm on under their own terms.
We discussed the importance of understanding the farming process. Farmers want to work with someone who knows the different issuese facing their farm operation. It's also important to relate to the emotional issues that farmers face when talking about leaving their farm. Don't be a salesman. Be an advisor teaching the farmer about their options and the various strategies they need to start thinking about. Make yourself available when the farmers are available.
We looked at a Farm Succession/'Transition Planning Wheel that included the following levels:
Essential Planning Strategies: Health Care Directives, HIPAAs, Disability Trusts, Powers of Attorneys, Living Trusts to Avoid Probate, Wills, Adequate Insurance Protection, and Funding
Common Advance Strategies: Charitable Remainder Trusts, Divorce & Asset Protection for Children, Divorce & Asset Protection for Grandchildren, Gift Trusts, Family Limited Partnerships, Estate Plan Analysis by a Design Team, Gifting Powers of Attorney, and Operating Companies (LLCs, Partnerships & Corporations).
For a copy of this planning wheel, email Carissa Giebel at carissa@hooperlawoffice.com. We hope to see you at our next Lunch and Learn session on Deferred Compensation May 19, 2010 at 12:00pm. | |
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With three offices in Wisconsin, the Wisconsin law firm of Hooper Law Office assists clients with Wisconsin estate planning, asset protection, trusts, wills, estates, probate administration, trust settlement, probates, medical assistance planning, Medicaid planning and eligibility, nursing home planning, long-term care planning, elder law, business exit planning, business succession planning, special needs planning, retirement planning, charitable giving, family limited partnerships, wealth transfer planning, and real estate and transactional law. With over fifteen years of experience practicing law, Hooper Law Office is an experienced estate planning law firm with attorney Foss Hooper. They are trust attorneys, probate attorneys, asset protection attorneys, Medicaid attorneys, elder law attorneys, corporate attorneys, and real estate attorneys serving Outagamie County, Brown County, Waupaca County, Winnebago County, Fond du Lac County, Shawano County, Calumet County, Manitowoc County, Sheboygan County, Dodge County, Green Lake County, Marquette County, Waushara County, Portage County, Marathon County, Menominee County, Oconto County, Kewaunee County, Door County, and Washington County. Cities served include include: Appleton, Green Bay, Clintonville, Oshkosh, Fond du Lac, Shiocton, New London, Freedom, Sherwood, Seymour, De Pere, Kaukauna, Kimberly, Shawano, Pulaski, Oconto, Fremont, Stevens Point, Wautoma, Winneconne, Omro, Berlin, Ripon, Green Lake, Waupun, Beaver Dam, Lomira, Mayville, West Bend, Oostburg, Sheboygan, Plymouth, Manitowoc, Two Rivers, Kewaunee, Algoma, and Sturgeon Bay.
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