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University of Wyoming

 

Passing it On: An Estate Planning Resource Guide for Wyoming’s Farmers and Ranchers

Lucy Pauley, Alan Schroeder, Cole Ehmke and Carolyn Paseneaux

The information and worksheets in this publication will help you get started on creating a plan for transferring your Wyoming agricultural operation to the next generation. To make it easier for you to access and reuse the worksheets discussed in this publication we have provided them and an ExcelŽ spreadsheet for creating a personal financial statement.


We encourage you to begin conversations on the future of your family business early, and to revisit the goals you agree to and the documents you create regularly. Having regular discussions about the future of the operation before the senior generation starts planning their estate will make transfer decisions easier.

Chapter 1: Introduction by Lucy Pauley
 
Chapter 2: Success Stories
 
Chapter 3: Establishing an Estate Plan for Your Family’s Farm or Ranch Business - Initiating the Dialogue by Alan
Schroeder
 
Chapter 4: Developing Common Goals by Cole Ehmke

Chapter 5: Taking Stock of the Estate by Cole Ehmke
Personal Financial Statement (Excel Spreadsheet)

Chapter 6: Succession Planning
 
Chapter 7: Tools
   Wills by Carolyn Paseneaux
   Probate by Carolyn Paseneaux
   What Everyone Should Know About Trusts by
   Randall W. McKee
   Estate Planning and Life Insurance by Frank Kelly
   Gifting by Douglas R. McLaughlin
   Effects of Title Ownership of Property by Carolyn
   Paseneaux
   Annuities by Douglas R. McLaughlin
   The Federal Estate Tax by C. Timothy Lindstrom
   Conservation Easements by Glenn Pauley and
   Tim Lindstrom
   Advanced Health Care Directives
   Glossary

Chapter 8: Coming to a Good Agreement Regarding an Estate Plan for your Family’s Farm or Ranch by Alan Schroeder

Chapter 9: Resources
Planning Professionals, Real Estate Appraisers, Additional Resources

Leaving A Lasting Legacy – a two-part narrated self-study course is now a part of the Passing It On package. Access the course at http://rightrisk.org/ under the “Products” heading. Within the course is a workbook you can print off and fill out

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Order printed copies of this publication from Lucy Pauley at (307) 777-8788 or lpaule at state dot wy dot us. Or mail this order form.


The handbook is a publication of the Wyoming Agriculture & Natural Resource Mediation Program in conjunction with the University of Wyoming Cooperative Extension Service.

The Passing It On resource guide is intended to provide general information on estate and succession planning. It is not intended to substitute for competent legal advice.

Primary Author Profiles

Lucy Pauley is the Coordinator of the Wyoming Agriculture and Natural Resource Mediation Program, which is based in the Wyoming Department of Agriculture. The program provides mediation, technical review teams (TRT’s) and other alternative dispute resolution services for individuals and organizations involved in a wide variety of conflicts including farm credit, grazing permits, split estate disputes, and estate planning. Lucy can be reached at (307) 777-8788 or toll free 1-888-996-9278. Her mailing address is 2219 Carey Avenue, Cheyenne, WY 82002-0100, email: Lucy Pauley.


Cole Ehmke is an Extension Specialist with the University of Wyoming’s Cooperative Extension Service. His work covers personal resource management topics as well as agricultural entrepreneurship. He can be reached at (307) 766-3782. His mailing address is Department 3354, 1000 E. University Ave, Laramie, WY, 82071; email, Cole Ehmke.


Alan Schroeder is an Associate Professor with the Department of Agricultural and Applied Economics at the University of Wyoming. His work specialty is in agricultural and natural resource law, on which he speaks and writes widely. He can be reached at (307) 766-5133. His mailing address is Department 3354, 1000 E. University Ave, Laramie, WY, 82071, email: Alan Schroeder.

Carolyn Paseneaux, Consultant

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