Title: Describe the need for 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
- transition planning
- the feasibility of the plan
- the role of taxes.

Process/Skill Questions:

- Why would a farm owner construct an estate plan to pass farm assets to his or her 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?