An estate planning online seminar for farmers in Kenton County on January 27, 2022, in conjunction with the Kenton County Agriculture Agent and a local estate planning attorney was conducted. Response was small but the mother and daughter were able to ask pertinent  questions and began to make financial decisions  based on their circumstances. They gained knowledge needed to obtain assistance from a financial planner.

Family-owned farms and ranches are often “asset-rich and cash-poor,” which means they have valuable assets in the form of land, machinery, livestock, and/or crops, but they have little available cash. This can make it financially hard for younger family members to take over the family farm. To aid in financially planning to pass down the farm, Kentucky State University Cooperative Extension held a Women In Agriculture Webinar on June 14, 2022, to address this issue.  Collaborating with an Estate Planning Attorney the topic of “Key Concepts and Steps in Agriculture Estate Planning”  topics  discussed were legacy estate planning, how to get started in creating a plan, taxes, trusts, and communication with family members. Fifty-seven participants from across the state signed up for this online seminar.

Questions from participants will be utilized  in follow-up surveys and strategies for future webinars.