Regardless if you have a business in town or on the farm, you need a plan if you want to see that business continue to the next generation. Who will be in charge and what resources will be available to them to continue the business is only part of the plan. How you distribute assets to others may impact this. You need a plan – a plan in writing that is discussed and understood by all parties. Do you have that in place?
If you answered “YES,” then great! However, there are additional factors to consider:
Hold old is the plan? When was it written? What life events have changed since your plan was written? Are important individuals now absent due to death, divorce, or other circumstances?
Perhaps you once left someone in charge of some aspect of your business, but, today, that “someone” is not the person you would choose. Additionally, while involved parties may change, so do many laws. For these reasons, even if you have a plan in place, this program is for you!
If you currently have NO PLAN in place, then you definitely should have this seminar on your bucket list! Having a plan for your business, or just your personal belongings, will make things much simpler for those left behind once you are gone.
This seminar will address issues that should be considered for a plan, such as living wills, wills, trusts, LLCs, long-term health care insurance, life insurance and much more. Come as a family; this will be beneficial for all ages. While we often think of an estate plan for older people, younger couples with children need a plan, too. Who will raise your children if one or both parents would be lost in an accident? Can the one surviving parent raise them? Is there insurance?
The class will be held at North Adams High School in the Round Room on November 14, December 18, January 16 and February 6. This will be a four-night series that will cover different topics each night. The cost is the same regardless if you attend one night or all four. The cost is only $25 for the first family member and $10 for each additional family member. The first member will receive a notebook with copies of all handouts. Anyone who wants the notebook and handouts can pay the $25 fee and do so. The deadline to register for the class is November 1, 2019. After the deadline all fees will double to $50 for the notebook and $20 for additional family members. Light refreshments will be offered each night. Call Barbie at the Adams County Extension office to register 937-544-2339.