The Mercer and Rock Island County Farm Bureaus are hosting an Estate Planning Seminar on Monday, November 26th from 10 a.m. to 3 p.m. at the Reynolds American Legion, 501 Main St, Reynolds IL 61279. Erika Eckley, Staff Attorney at the Iowa State University Center for Agricultural Law and Taxation, will be presenting the seminar.
Eckley will cover “Estate Planning: Who, What, Why, and How” which will include barriers, necessity of planning, establishing goals and objectives, forms of property ownership, intestacy statute, valid wills, probate procedure, trusts, gifting, healthcare planning (power of attorney), advanced directives, HIPPA rules, and Medicaid issues.
Also, “Planning for Business Succession – Considerations for Best Outcomes When Dealing with On-Farm and Off-Farm Heirs” will be discussed. The difference between estate planning and business succession planning, defining goals and objectives, holding the family meeting, fair vs. equal distribution, and considerations for transferring assets to meet objectives for succession and family unity will be will be covered during this session.
Erika will also talk about “Legislation and Taxation: Illinois Estate Tax Exemptions and Current Status of Federal Estate Taxes” and “Common Estate Planning Mistakes.”
Eckley is the staff attorney at the Iowa State University Center for Agricultural Law and Taxation. She graduated Order of the Coif from Drake University Law School, where she was Articles Editor of the Agricultural Law Journal. She has also been an associate lawyer, a judicial law clerk, and adjunct professor at Drake Law School. She is a member of the Iowa State Bar Association and is admitted to practice in Iowa.
All Farm Bureau members are highly encouraged to attend this seminar as estate planning is a vital tool when passing your farming operation on from one generation to the next. The cost to attend this informative program is $10 for Farm Bureau members and $20 for nonmembers. Registrations for the seminar must be received by Friday, November 16, 2012 by mailing payment to the Mercer County Farm Bureau, PO Box 40, Aledo IL 61231. For more information, call the Mercer County Farm Bureau at (309) 582-5116.