AgriLegacy delves into the family farm dynamic, and how to preserve and protect those farms from a dying legacy. Once a staple in every community, family farms have become increasingly rare as the industry has changed over the years. This shift has created the opportunity for existing farms to grow, and the challenge lies in preserving the legacy these parents and grandparents have poured their lives into.
Estate and financial planners Galen Dody and Wes Hentges, both of whom have farming backgrounds, work closely with individuals who strive to protect their family farms. Many farmers today face the challenges that come with increasing government regulation and taxation, varying levels of farming interest of heirs and uncertainty of how to preserve assets and minimize estate taxes.
The untold story to which every farming family can relate is the difficulty and unique dynamics involved in passing the legacy to the next generation. Many are faced with issues like divorce, remarriage, or children with varying levels of interest in the farm. Others are faced with heirs who disagree on whether or not to keep a farm, or estate taxes looming in the future. The impasse often produces a catastrophic outcome for those who are not prepared.
Planning is the key to minimizing taxes, preserving assets, and most importantly, preserving the legacy of the family farm. One of the best things about legacy planning is that it allows farmers to make choices now so children arenít left with tough decisions or financial burdens later.
This series navigates through the planning process by simplifying the integration of documents like trusts and buy-sell agreements and examines the road to preserving the family farm. Anyone who plans to leave a legacy, financial or otherwise, will gain valuable insight into their own plans by watching AgriLegacy, only on KMOS-TV.
Program 1 - Introduction to the common disasters in estate and succession planning for agribusiness owners, and how to find a team to create and support a plan that's right for you. October 16 at 8 p.m. and October 19 at 5:30 a.m.
Program 2 - An overview of successful business transition through the correct identification of an operation's assets.
Guest: Bobby Medlin: agricultural tax specialist. October 23 at 8 p.m. and October 26 at 5:30 a.m.
Program 3 - Family businesses often have a double threat dealing with the complexity of the business as well as the peril of the family dynamic. How is it that some businesses stay in business for many generations and some for a short time? The answer is planning. Having on-the-farm children and off-the-farm children can possess a planning challenge.
Joining us for our " segment is Jack Loney, an attorney with the Nautilus Group out of Dallas, TX. October 30 at 8 p.m. and November 2 at 5:30 a.m.
Program 4 - It is important to have clear, honest and open communications between spouses, children and business partners.
Guest: Dave Goeller, Deputy Director of the North Central Risk Management Center. November 6 at 8 p.m. and November 9 at 5:30 a.m.
Program 5 - How the phrase "Cash is King" relates to illiquid estates, and how this affects succession planning.
Guest: Dan Wallace. November 13 at 8 p.m. and November 16 at 5:30 a.m.
Program 6 - How proper planning for extended care, and increasing medical costs, is important to ensure your assets go where you intend for them to.
Guest: Scott Nolen, long term care specialist. November 20 at 8 p.m. and November 23 at 5:30 a.m.
Program 7 - Some farmers have found life insurance to be a good tool for finacial planning, but its uses may actually be costing your estate hundreds of thousands in taxes.
Guest: Jack Loney, estate planning attorney. November 27 at 8 p.m. and November 30 at 5:30 a.m.
Schedule Note: Due to KMOS-TV Pledge Schedule and Christmas and New Year holidays, the Thursday evening broadcasts will be pushed back a total of three weeks, but the Sunday morning broadcasts will continue uninterrupted. Thus, the order of programs below will not match those above. Thank you.
Program 8 - Wes and Galen discuss protecting your legacy against possible effects of divorce, creditors and future estate taxes.
Guest: Bobby Medlin, agriculture tax specialist. December 7 at 5:30 a.m., December 11 at 8 p.m.
Program 9 - Multiple marriages can disrupt a family - emotionally and financially - which can have negative effects on the farm operation. Learn some of the pitfalls, and solutions.
Guest: Jack Loney, estate planning attorney. December 14 at 5:30 a.m. and December 18 at 8 p.m.
Program 10 - In succession planning, it is important to have a plan that is understood and agreed to by all parties, especially those destined to inherit the operation. This reduces some of the emotional issues related to timing of the transfer.
Guests: Gary & Garrett Riekhof. December 21 at 5:30 a.m. and January 8 at 8 p.m.
Program 11 - Succession planning requires occasional review to allow for updates in finances and other dynamics.
Guest: Dick Hutchison, agriculture auctioneer and banker. December 28 at 5:30 a.m. and January 15 at 8 p.m.
Program 12 - What happens to the operation when you are sidelined and unable to make informed decisions? What are some scenarios, and how can you keep the effects from being magnified across the family farm?
Guest: Parman Green, retired agriculture business specialist. January 4 at 5:30 a.m. and January 22 at 8 p.m.
Program 13 - What's more important in your estate planning - making everyone happy,or securing a solid future for the family operation? Ideally both can be achieved in one decision, but often there are hard feelings when siblings feel slighted. Learn what factors to consider when approaching this subject.
Guest: Bobby Medlin, agriculture tax specialist. January 11 at 5:30 a.m. and January 29 at 8 p.m.