Ag Forward Session Focuses on Estate Planning

Four local experts stressed the importance of estate planning during the most recent installment of “Ag Forward,” a dinner-seminar hosted by State Fair Community College and sponsored by Central Bank of Sedalia.

Over 80 people attended the ag-related event, which has been held at SFCC regularly for the past two years.

“Ag Forward” is a program designed for area farmers and ranchers in the community, as well as Aggie students in the college's agriculture program, according to Tim Noland, commercial and ag loan officer at Central Bank of Sedalia.

Presenting Tuesday night were Brett Hudson, senior vice president and financial advisor, LPL, at Central Investment Advisors; Jim Buckley, of Buckley & Buckley Law Firm; Kent Lange, CPA at Anchor Point; and Wesely Tucker, MU Extension.

After a 30-minute meal, the 105-minute program began.

The main takeaway from Buckley, who has worked as a lawyer in Sedalia since 1992, was that everyone needs an estate plan.

“It’s not complicated. It’s not rocket science,” he said. “Don’t be afraid of it.”

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Buckley went on to explain that there are three types of probate cases to avoid:

*The first involves someone under the age of 18 (a minor) and is in need of a guardian or conservator.

*The second involves an adult with an illness or injury that causes them to be incapacitated.

*The third involves a decedent with assets of an estate in their name.

Buckley compared a trust to a boat that contains all of your farm property and possessions. A trustee is symbolically like a captain in charge of the boat.

Without an estate plan when an estate is valued at a million dollars, a lawyer can earn a statutory fee of $40,000. And it just goes up from there, Buckley said. Estate plans work and avoid significant costs and expenses, all to the benefit of the heirs and beneficiaries.

The ultimate goal is to avoid probate administration litigation. A trust will hopefully avoid that.

Tucker highly suggested that you be proactive with your estate. “Let your kids buy in as early as possible,” he said. “A little bit of planning goes a long way.”

The subject matter was a heavy one, but everyone in attendance appeared to be paying attention and taking mental notes.

“Death and taxes, that’s what we’re here to talk about,” quipped Hudson.

Molly Prichard, SFCC Ag Club president, reminded everyone to take part in the Horticulture Club’s plant sale at the Potter Ewing Building on the State Fair campus.

There are four opportunities to buy various types of plants and flowers during the sale:

April 28 from 9 a.m., to 2 p.m.

May 3 from 9 a.m., to 2 p.m.

May 5–9  from 9 a.m. to 4:30 p.m.

May 10 from 9 a.m., to 2 p.m.

Prichard gave a short presentation to help kick off the program, along with Macy Reed, SFCC agribusiness student, Green Ridge High School grad and former Miss Pettis County.

There were a total of nine Central Bank of Sedalia representatives at the event.