‘Sustaining the Legacy’ conferences focus on farm estate plans Heather Gessner, interim Agriculture and Natural Resources Program Director, South Dakota State University Extension

South Dakota’s land grant university is hosting a series of educational sessions to help families navigate farm succession from one generation to the next. South Dakota State University (SDSU) Extension’s Sustaining the Legacy conferences will help farmers and ranchers plan for long-term success in asset transfer.

The next three-day Sustaining the Legacy conference is at the SDSU Extension Regional Center in Mitchell, on January 8^th, 15^th and 22^nd.

Among the topics covered at the conferences is the estate tax, which, according to Heather Gessner, SDSU Extension interim Ag and Natural Resources Program Director, has an impact on family operations.

For many South Dakota farmers and ranchers, the federal estate tax limits will not be a factor in their planning process. However, a solid understanding of the farm’s balance sheet needs to be taken into consideration as land prices remain high and the potential for IRS rule changes is ever-present, according to a news release from SDSU. But even if the federal estate tax limit isn’t a factor, said Gessner, family communication about death and taxes isn't fun and is easy to put off. On the other hand, she adds, dealing with the aftermath of an estate gone wrong is worse.

“One of the problems with trying to get something written on paper is that there are so many choices available that sometimes we get gun-shy and we don't pull the trigger,” Gessner told the South Dakota Soybean Network. “So, putting this as kind of a priority on your list will help you think about each of the tools that are available to you and help you find some of those industry professionals to put the information down on paper so that your goals are accomplished.”


Another reason to work on an estate plan is to have conversations between on-farm and off-farm family members, “so that everybody understands what's going on, what the goals are, and how those goals are going to be accomplished when Mom and Dad are gone,” said Gessner.

There is much more to be learned at the three-session conferences, but there is also more conversation on this subject on an upcoming edition of the Soybean Pod, available on most podcast provider platforms.

The conferences are designed for farming and ranching families at all stages of planning. Participants will learn methods to pass on farm and ranch assets and businesses and to provide a monetary inheritance to non-farming and ranching children.

“Families tell me that they've bought that piece of ground three times,” said Gessner, adding further explanation. “‘Every time a generation transitioned, we had to rebuy it from non-farming brothers and sisters.’ And so, if we can set up our plan so that we don't have to worry about [rebuying the farm] this generation, but we have funds available from other mechanisms for non-farming heirs to receive as part of their inheritance, that really ties things together and helps put a bow on the goals that the family might have.”

Estate planning and ranch transition attorneys, along with other industry experts, will present the material at the Sustaining the Legacy conferences. Topics include: trusts; business structures, LLCs, LLLPs and corporations; life insurance; wills and probate; titling property; contracts; retirement planning for landowners; how to access retirement benefits (Medicare, Social Security); as well as elder and end-of-life care planning.

Following the January conference in Mitchell, there are two additional conferences. The next three-day conference is in Aberdeen on Feb. 3^rd, 10^th and 17^th; with another in Watertown on March 3^rd, 10^th and 17^th. For more information and to complete the required and limited registration, go to the SDSU Extension Events webpage and search ‘legacy’.

"It's easy to put off doing things we don't fully understand,” said Gessner, quoted in a SDSU news release. Early registration is $70 per person up to two weeks before each conference, or $80 after that.

For more information, contact Heather Gessner, SDSU Extension interim Agriculture and Natural Resources Program Director and Livestock Business Management Field Specialist.

Register HERE!