According to the 2019 Kentucky Extension Community Assessment, residents in Wolfe County identified that improving family skills in reducing debt, increasing savings, and financial planning as an issue of high importance. A properly executed estate plan can reduce family stress, reduce federal and state tax obligations, and allow the estate to be settled in an expedient fashion saving both time and money. 

In response to these issues, Family and Consumer Sciences Agent, Alyssa Cox, and Agriculture and Natural Resources Agent, Heather Graham, began conducting an Estate Planning Series.  The topics in the series that have been presented so far include Preparing for Retirement Budget, Basics of Estate Planning, and a question and answer session on estate planning. The agents partnered with local banking institutions, the Extension Associate for Family Finance and Resource Management, and a local attorney to present these lessons.

The participants in this program included older adults who were seeking to learn more about estate planning as they enter retirement. Participants also included caretakers who will be responsible for preparing a loved one’s estate plan.  A total of 26 participants have attended the series so far.

Written surveys that were conducted at the end of the first lesson indicated that 100% of participants experienced an increase in their knowledge related to financial management and an increase in their ability to prepare a retirement budget. Participants were also surveyed following the Basics of Estate Planning class, and results showed that 67% learned how to manage/address current estate planning issues facing their family, farming operation, or business; 67% could more effectively identify estate planning strategies; and 67% gained confidence in handling estate planning or specific financial matters.

The remaining lessons include topics on Transitioning Farm and Family Property, Insurance and Funeral Expenses, Tax Saving Measures, Advance Care Planning, and Guidance for the Caretaker.