Adele Harty South Dakota Cooperative Extension Service Randy
McKee McKee Companies
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SASSY (Sustainable Annies Systems in South Dakota for Years to
Come) Annies Project II 6 sessions Topics more participant driven
Additional component of Family Business Meeting Groups wanted
Estate Planning for this portion Led to Sustaining the Legacy
Workbook Collaboration with Randy McKee and McKee Companies
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Developed by South Dakota State University and Texas A&M
University-Kingsville Third workbook in a series of three for
overall ranch planning.
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Family Business Meetings 3 sessions, each 3 hours long All
family members invited Followed activities outlined in
workbook
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Session 1 Introduction to the course Inventory of the Ranchs
People Colors activity for personalities Family Management and
Ownership Activity
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Session 1 Inventory of the Ranchs wealth Homework Complete
Phase 1 Worksheets
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Session 2 Estate Planner Estate Planner in a Box
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Nationally-recognized estate planner Specializes in ag estate
planning Family firm serving ag families and businesses for 36
years Creator of state-of-the- art systems
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Families around the country have found that using Estate
Planner In A Box has been the one indispensible component in their
estate planning task. Its the pure education part of the process
providing you objective information on every element of estate
planning. All for less cost than one hour with a good estate
planning attorney!
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It was becoming harder to serve outlying areas. The demand for
good estate planning information was growing. The ability of ag
operators to use better technology Strategies that work in every
state A real need for the product
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A binder full of articles and forms you need to get a great
start on a state-of-the-art estate plan! 6 DVDs 800 number support
Email support
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In two parts First section explains the estate planning
concepts you need to know. Second section gives actual
demonstrations of how trusts work, how to protect against lawsuits,
and much more! Remember, always use specialist professionals to
assist you in your estate planning!
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You need to know what type of information to gather and why.
Then youll learn from a professionals point of view how we analyze
your estate for maximum effectiveness. Remember, always use
specialist professionals to assist you in your estate
planning!
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You cant just open up the Yellow Pages and find a specialist
estate planning attorney. This 45-minute session will show you
exactly how to do it. Works with finding other professionals, too!
Remember, always use specialist professionals to assist you in your
estate planning!
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Now that you have your trust or legal entity made, you need to
fund it. No worries, this shows you how to get your assets into
your trust with little effort. Remember, always use specialist
professionals to assist you in your estate planning!
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This valuable lesson tells you exactly how to work with your
advisor team to settle a trust estate. Step-by-step instructions
both on the DVD and in the manual. Remember, always use specialist
professionals to assist you in your estate planning!
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This DVD is the newest addition to our package. You will learn
exactly how to develop your Family Vision Matrix program so it can
be administered and provide you valuable input. Remember, always
use specialist professionals to assist you in your estate
planning!
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Possibly the most important component of the entire system.
Nothing is more important than the people in the estate plan. Helps
the parents get a clear look at how everyone is thinking. Helps
identify potential problem areas. Is best way to discuss critical
issues without stress. Most effective way to have an honest family
discussion and the family does not even need to be there!
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How do I envision the continued operation of the Morrison
Ranch. How do I envision the use of ranch assets to support John
and Donna in their retirement years. How do I envision the
continued operation if John and Donna are not able to contribute
work. How do I envision the operation in the event John and Donna
need long term care. How do I envision which parts of the place
should be sold and which parts should be inherited by the Morrison
children. If I were to receive my inheritance in life insurance
cash instead of land, would I be in favor of that?
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Morrison Family Vision Matrix Fictitious Family Any resemblance
to any other person or family is purely coincidental. John
(Dad)Donna (Mom)James (son)Jenna (DIL)Will (son) How do I envision
the continued operation of the Morrison Ranch. How do I envision
the use of ranch assets to support John and Donna in their
retirement years. How do I envision the continued operation if John
and Donna are not able to contribute work. How do I envision the
operation in the event John and Donna need long term care. Want to
get the debt paid down. Maybe some expansion in the future if all
agree. John and James will work together with each having specific
responsibilities. Get the debt paid down. We need to work on some
sort of formal change of ownership. James and John working
together, but eventually James taking over. Operate as normal and
after dad and mom are gone, split it in two for each of us boys.
Well want to do some traveling in retirement, but do not want to
jeopardize profits to do so. James will have to purchase some
shares from us so we can have a retirement. Ranch income should
give mom and dad some support if the ranch is profitable, but we
should not sell assets to support their retirement. At this time
the ranch pays all of their expenses anyway, so it should not be a
big change. Support should be given with some sort of allotment.
The ranch should support dad and mom in their retirement, but hope
they do not sell assets to pay for their retirement. James can take
over. He may be able to pick up a hired man or two. I am sure Will
wont come back. I dont think Jenna is interested in helping out.
James will make the decisions and operate the place. Hopefully, the
grandchildren will be old enough by then to help out. I would be
willing to help out in any way I can. I invite the opportunity to
contribute on a daily basis. I would have to hire some help. There
is no way I will work with Will if he tries to come back. At this
time, I could not consider coming back, but as a shareholder, would
want some input as to how the place is run. We have long term care
insurance to handle that. We have insurance. I would hope they have
nursing home coverage. The ranch would always support John and
Donna if affordable. I sure hope they have that covered by
insurance.
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Younger generation are purchasing for in-charge generation to
approach the topic. Families are sharing the product to get
everyone on the same page. Increasing estate planning knowledge to
streamline and make the process far less complicated. Rural
families have on-demand information.
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For less than the cost of one hour with a good estate planning
attorney !
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Session 2 Introduction to Identify Ranch Vision and Goal
Setting Homework Create a Vision
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Session 3 Identifying the Ranch Vision and Setting Goals GAP
Analysis Homework Implement the Plan
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Impacts Short term 100% indicated the workshop was beneficial
50% completed Personnel, Wealth and Management Inventory by the end
of the workshop 38% had conducted a Family Business meeting by the
end of the workshop
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Impact Medium-Term Within 6 months they plan for the following:
75% would have their Personnel, Wealth and Management Inventory
Completed 75% would have a ranch vision 50% would have an estate
plan in place
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Impacts Long-term 75% would like to have a completed estate
plan within a year
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Personal Impact Family Meeting at Christmas Parents only had
will Family Vision Matrix Parents attended Estate Planning Meeting
in CO Met with attorney and put together a Revocable Living Trust
Much more comfortable with the future!
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Participant Comments I realize how important estate planning is
now. There really is a gap from where we are now to where I need to
be. A will is not enough. It is a supplement. These are deep
thought questions. We need a kick in the butt to get it done, but
it is hard to write it down. We are serious about estate planning,
but how do we get started and involve our children?
