First Pioneer Farm Credit: Notebook: Financial Tips

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Credit
    - Loan or lease?
Management
    - Is agritourism in your
      future?
    - How to price a branded...
    - Risk Management Check-Up
    - Check Farm Business Plan
    - Start New Enterprise
    - 9 Business Succession...
    - A closer look
    - Loan officer
    - Building a business plan
    - Bus. management advice
    - Cranberry Grower's...
    - Communication quiz
    - How to be a better risk...
    - Saving costs on energy...
    - 6 Public Relations Tips
    - Partnership predictor
    - Top 10 business tips...
    - Do you need a consultant?
Record-keeping
    - 3 Payroll resources
    - Records: What to keep...
Estate Planning
    - 13 Estate Planning Terms
    - Do you need a will?
    - Business survival test
    - Estate planning tips
    - Estate planning goals
Appraisal
    - Who needs an appraisal?
Taxes
    - Tax Relief Act 2003
    - Records: What to keep...
    - Education tax credits
    - Energy tax credit - NY

Knowing your priorities will help you set your estate planning goals

Estate plans can be divided into three separate time periods:

Your plans for your business years
Your plans for your retirement years
Your plans for when you are gone

How to get started?
The first step to take when you want to develop an estate plan is to learn your priorities. Once you establish the things that are most important to you, you can set your goals for each of the three time periods in your estate plan.

Three worksheets
Here are three worksheets to help you determine your priorities for each of the time periods in your estate plan:

Your business years
Your retirement years
When you are gone

Determine which choice is the the most important to you all the way down to the least important choice. You can complete your answers on the screen and print the page OR just print this page and fill in the worksheet by hand.

During my BUSINESS years I want to: (Enter a number from 1 to 6. A "1"indicates your top priority, "6" indicates your least important.)
Be in control of the entire farm operation
Develop a successor
Specialize in my favorite area of the farm
Find time to do things off the farm
Plow excess funds back into farm business growth
Build an independent retirement nest egg

During my RETIREMENT years I want to: (Enter a number from 1 to 8. A "1"indicates your top priority, "8" indicates your least important choice.)
Retire as early as possible at age
Be involved in farm operations about: 10% 50% 75% of the time
End my management responsibilities on the farm
Let someone else worry about farm finances
Eliminate debt
Work off the farm
Move away from the farm
Travel about: 10% 50% 75% of the time

Anticipating when I am GONE I want to: (Enter a number from 1 to 8. A "1" indicates your top priority, "8" indicates your least important choice.)
Keep the farm in the family
Maximize financial security for my spouse
Cut estate settlement costs
Be fair to all heirs in the property distribution
Distribute some of my assets before I die
Protect assets from the cost of long-term care
Have someone "pull the plug" if I am on life-support for an extended period
Minimize financial management burden for my surviving spouse

Your answers will serve as your estate planning priorities. If you would like to have assistance developing the plan or guidance in completing the worksheets, contact us at info@firstpioneer.com to arrange a visit with one of our experienced estate planning consultants!