Title: Describe the need for transition/succession and estate planning.
Course: Operating the Farm Business (18301-III) > Section: Operating an Agricultural Business

Description should include

- terminology related to estate planning, such as
  - medical power of attorney
  - will
  - trust
  - insurance
  - inheritance
- reasons to have an estate plan
- the feasibility of the estate plan
- terminology related to transition/succession planning, such as
  - transition of decision-making
  - transition of assets
  - business operating agreement
  - heirs’ property
- reasons to have a transition/succession plan
- the feasibility of the transition/succession plan
- the role of taxes.

Process/Skill Questions:

- Why would a farm owner construct an estate plan to pass farm assets to their children?
- What are the consequences of not having an estate plan?
- What are the benefits of having an estate plan?
- How do taxes affect estates?
- What are the differences between a transition/succession plan and an estate plan?
- How does one determine whether a transition/succession plan is needed?
- When should the transition of decision-making begin?