What is in this article?:
- Estate planning can be difficult
- Opening hearts, serving up practical advice
Fear of the unknown, dislike of estate planning, or just plain procrastination often shove this topic down the priority list. However, it's better to have those conversations with all the players around the table, rather than trying to second-guess what mom or dad would have wanted in the emotion-filled days after they die.
Opening hearts, serving up practical advice
The videos feature three New Hampshire farm families interviewed at their farms about the estate planning steps they have taken: Charlie and Ruth Bachelder and their son Keith of Epsom; Ralph and Sandy LeClair and their sons Mark and Matt and his wife Beth, of Mason; and Martin and Lynda Connolly and their sons Patrick, Michael and Chris of Temple were interviewed.
Porter asked each family a series of questions about how they dealt with estate planning. These became five segments, entitled How to start succession planning, How to prepare the generations, How to talk about succession planning, How to transition from discussion to documentation, and How to plan for life after farming.
"The families opened their hearts and gave a lot of honest, practical advice that could help another family get started in succession planning," says Porter.
Web site, videos jumpstart process
Knight adds, "We've also posted to the Web site many downloadable resource materials that go along with the videocasts. Site visitors will find retirement budget calculators, sample documents, planning templates, and many other documents that can facilitate planning."
"The family farm financial Web site isn't a substitute for getting legal advice for finalizing the estate plan," says Knight. "But it can help get things started or reactivate stalled plans to promote the family discussions needed before sitting down with an attorney.
"Viewers will find that a lot of their apprehensions are shared by the farm families interviewed. Their discussions of how they worked through things can be a real encouragement."
To explore the information go to http://extension.unh.edu/news/2010/09/transferring_the_farm.html? and scroll down to “a series of six vidiocases” and “The Family Farm Finances Web site.