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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Tuesday, August 6, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$297.00
CLE
CPE
ALL

This CLE/CPE course will guide estate planners and administrators on the critical legal challenges of estate planning for farmers. The panel will discuss the uniqueness of estate planning for farmers and ranchers, ownership structures and associated risks, and critical estate administration challenges and pitfalls that can be avoided.

Faculty

Robin L. Klomparens
Director
Fennemore WKBKY

Ms. Klomparens specializes in income, state and local estate and gift taxation. She advises clients on business transactions, entity formation (profit and non-profit), state and federal tax audits and litigation matters, estate planning, probate and trust administration, and serves as a consultant, expert witness and mediator in her field. She has been an adjunct professor for Golden Gate University in the Masters in Tax curriculum and has lectured extensively and has written numerous articles on various issues in her field of specialization.

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Riley C. Kern
Managing Partner
Tallgrass Estate Planning, LLP

Mr. Kern is the founder and owner of Tallgrass Estate Planning where he is a managing partner with his wife, Laurel Carbone. He is frequently invited to speak on trust planning, special needs planning, and elder law matters, and he has served as the chair of the Estate Planning section of the Tulsa County Bar Association. Mr. Kern serves on several Tulsa-area non-profit boards of directors.

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Marty Smith
Partner
Bond Arnett Phelan Smith & Carreras, PA

Mr. Smith's areas of practice include Agriculture Law, Business & Commercial Law, Environmental Law, Litigation & Appeals and Real Estate Law.

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Description

Estate planning for farmers and ranchers involves unique challenges that differ from that of other clients. State regulations and developments from the IRS significantly impact the implementation of income and transfer tax planning for farm and ranch businesses. As a result, estate planners and administrators must understand particular rules and considerations applicable to farmers and farm assets.

For farms and farm assets, transitions can be a lengthy and complicated process upon a decedent's death. The scope of the farm, type of assets, and the stakeholders' goals drive estate planning. Various mechanisms involve a careful analysis of ownership structures, income, estate taxes, lifetime financial transfers, and other items crucial in avoiding devastating pitfalls in the estate planning and administration of farm assets.

Listen as our panel discusses issues impacting estate planning for farmers and ranchers. In addition, the panel will review ownership structures and related issues, methods to transfer farm assets and income, and overcoming and avoiding pitfalls that arise prior to and after the death of a farmer and rancher.

Outline

  1. Estate planning for farms and ranches versus traditional planning
  2. Ownership structures and associated risks
  3. Dealing with the transition nuances
  4. Pitfalls in estate planning and overcoming administrative challenges

Benefits

The panel will review these and other key issues:

  • How does estate planning for farmers differ from that of other clients?
  • What are the most effective ownership structures and related risks?
  • What transfer methods are available, and how to best avoid potential planning pitfalls?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Determine what constitutes a farming business
  • Recognize how estate and tax planning for farmers differs from that of other clients
  • Ascertain critical tax implications of ownership structures and related risks
  • Identify what asset transfer methods are available and how to avoid potential estate and gift tax planning pitfalls

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.