As with most counties in the Commonwealth, the farming community population of Russell County is rapidly coming of retirement age.  With the increase in age of the farmer, the largest transfer of assets is starting to take place in the United States.  When most people think of Estate Planning, they think of taxes and how can I avoid having to pay so much in taxes.  But according to UK Specialist Dr. Issacs, this should not be of major concern to most people in the agriculture world in Kentucky.  Russell County ANR program along with, UK Ag Economics Department, UK Family and Consumers Sciences Department, and local CPA/Financial Advising Group worked together to help answer some of the concerns and questions of local community members had about estate planning.

During the month of November 2022, a series of three workshops were held to help assist community members with planning and preparing for estate transition in the future.  The series included sessions on estate transition and succession planning, having a plan, probate, records, retirement planning and much more.  The program concluded with local CPA and Financial Advisors answering questions about how to, and when to transfer estate.  Long term care was discussed in the series as well.  The main point that all specialist kept reminding attendees of was, getting the process started.  Estate transition is often pushed to the back burner and no one wants to talk about the topic, because many times it involves the death of a loved one, but to truly ensure that ones wishes are carried out, it is a necessary conversation to start and have with your family.

In all 35 people attended at least one session, with 20 completing all three session during the month.  According to survey results of those filled out the pre and post survey, 95% of participants increased their knowledge of Estate Transition and Taxes, Family Planning, and Financial Planning.  72% plan on using what they learned in the next 6 months to make changes to an existing plan, and 86% plan on scheduling a meeting to discuss Estate Transition and Planning in the next 12 months.  Also 100% of participants where satisfied or highly satisfied with the sessoins.