Planning for Profit

A local cattleman identified the need for more training in financial planning and budgeting.  As a result, ANR Agents from Jackson, Laurel and Clay Counties collaboratively planned, resourced and executed a three part series on legacy and asset management in the first quarter of 2018.  The three programs were: Planning for the Next Generation of Landowners, Can I Afford This, and Minimizing Tax Burden/Maximizing Tax Benefits.

 The Agents leveraged local experts to speak to clients on the various subjects so that local producers would have a contact after the program.  A local estate planning lawyer, a UK Economist, and a local accountant/tax preparer and Deputy County Judge Executive were used to deliver the educational programs.  University of Kentucky Cooperative Extension Service handouts on all aspects of estate planning and budgeting as well as UK Farm Record Books were passed out at each session along with handouts from the guest speakers so that all participants would have resource materials.

  Agents selected the speakers, contacted various caterers, and found a meeting facility in the tri-county area that would be convenient to attendees.  Community entities that were impacted by this program include the three county Cattlemen’s Associations, a local church, a local bank that paid for door prizes and advertising, four different local catering businesses, a local attorney and estate planner, a local government official and tax preparer, two local farm supply stores which also provided door prizes, a professor/Ag Economist from the University of KY, and the Cooperative Extension Service.

We received only positive comments about the series during and after the sessions from both presenters and participants.  All comments expressed desire for follow up training in financial planning and recordkeeping. 

In an effort to gauge the effect on participants, an evaluation was sent to them six weeks after the last session to allow time to implement the different things they learned.  There were a total of 137 participants over the series for an average of 46 producers attending each night.  42% of those producers responded to the evaluations that were sent to them. 70% of respondents stated that their confidence in their knowledge about estate planning had increased after the meetings, 25% stated that they had begun the estate planning process since the meetings, 83% stated that the were or had begun to keep production records for their operation since the meetings, and 83% said they were or had begun to keep records for tax purposes of their operation since the meetings.