Transcript Evaluating Your Estate Plan (EYEP) Tim Eggers B.S., M.S., Oklahoma State University [email protected] Melissa O’Rourke B.S., Illinois State University M.A., University of Minnesota J.D., University of South Dakota [email protected] Kelvin.

Evaluating Your Estate Plan
(EYEP)
Tim Eggers
B.S., M.S., Oklahoma State University
[email protected]
Melissa O’Rourke
B.S., Illinois State University
M.A., University of Minnesota
J.D., University of South Dakota
[email protected]
Kelvin Leibold
B.S., M.S., Iowa State University
[email protected]
11/6/2015
1
Why was this program developed?
• Existing programs left a
gap
– Irrational fear of taxation
– Insurance, trusts, and
other solutions to all
problems
– Complexity instead of
simplicity
– Knowledge instead of
wisdom
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2
Other delivery models: How is
this program different?
• 2 hour informational
programs
• 3+ hour lecture slams
• Multiple day workshops
• This program uses a
combination of activities,
case studies, and lecture,
involving learners in
small group discussion.
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In what areas have you taken action
or sought further knowledge as a result
of your EYEP attendance?
Created my estate planning team
21%
23%
Pursued the creation of a trust
29%
Appointed or reviewed executors
Created medical directives, and/or power of…
30%
33%
Updated or created my will
38%
Evaluated gifting options or made a gift
41%
Set goals
43%
Reviewed or changed ownership of assets
Reviewed Life insurance policy status and/or…
49%
Organized information and started estate…
61%
Involved family in decision making through…
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0%
63%
20%
40%
4
60%
Age Comparison from Evaluation Instruments
372 Intake, 345 Post, 82 Follow-up
40%
35%
30%
25%
20%
follow-up
end of meeting
intake
15%
10%
5%
0%
Under 25 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75 years
years
years
years
years
years
years and over
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5
Property Ownership
15% I definitely have the best form of ownership for my
personal property and real property.
25% I might change a form of ownership on an item of
personal property.
33% I might change a form of ownership on an item of
real property.
11% I plan to change a form of ownership on an item of
personal property.
16% I plan to change a form of ownership on an item of
real property.
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87% I currently have a will.
As a result of today’s program
95% I know what I’ll need to take when visiting an
attorney about my estate plan.
84% I am likely to visit my attorney to revise my
will as a result of what I learned today.
81% I know how to choose an attorney to
help me develop and implement an estate plan.
38% I know whether I should place
my assets in a trust.
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As a result of attending . . . 69%
held a family meeting and
discussed their estate plan with:
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Follow-Up Publication Use from Ag Decision
Maker: www.extension.iastate.edu/agdm
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70%
70%
60%
60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
0%
Self
Heirs
Attorney
Other
Self
A. Terms
70%
60%
60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
0%
Heirs
Attorney
C. Balance Sheet
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Attorney
Other
B. Questionnaire
70%
Self
Heirs
Other
Self
Heirs
Attorney
Other
D. Goals
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Case Study Approach
• Program built around
five case studies
• Participants talk about
vocabulary, terminology
• Identify issues
highlighted by the cases
• Gets participants talking
about goals
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Five Different Case Scenarios
•
•
•
•
•
Older couple, low resources, health issues
Traditional farm with C corporation
Large successful operation, no farming child
Low-resource farm with child returning
Parents both die with son farming plus surviving minor
children
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Case Format
• One or two page summary
including many vocabulary
terms
• Financial statement shows
personal and business assets
and liabilities
• Each case copied on different
colored papers
• Upon arrival, participants are
assigned a case – based on a
colored card matching the case
color – spouses are separated.
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Integrating Case Studies
into the Program
• Participants review their
case before the program
starts or at beginning of the
program
• Late morning: Small groups
review the case, identify
issues relating to their case,
discuss at their table; then
we present the highlights of
the groups’ discussions
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Integrating Case Studies
into the Program: Goal Setting
• Participants review the goal
sheet based on their case
study
• Financial statements are
included in discussion of the
other estate planning issues
such as federal estate tax,
gifting, transfer planning,
property ownership, etc.
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Each participant
receives a spiralbound book with:
• Cases
• Worksheets
• Fact sheets on
each topic on the
program
• Copy of the 200
PowerPoint Slides
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Topics include:
•
•
•
•
•
•
•
•
•
•
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Case studies
Estate Planning Vocabulary Basics
Property ownership, co-ownership
Wills & Trusts – the basics
Estate planning questionnaire
Substitute Decision-Making (POAs &
Health care planning)
Financial info – Balance sheets
Gift, Estate & Inheritance taxes
Goal setting
Building the Professional Team
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Some key terminology – vocabulary areas:
• Estate vs. transition planning
• Personal property
• Joint tenancy, tenancy-incommon; Life Estates
• POAs: General, health care
and Living Wills
• Will execution and
competency
• Trusts - how they work, the
basics, do you need one?
• Medicaid, Long-term care
insurance
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Two Exercises
• Estate Planning Questionnaire
• Goal Setting Exercise
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Estate
Planning
Questionnaire
--------Hard copy
(form) in
participant
books – plus
on-line as a
fillable form.
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Goal Setting
Exercise
--------Rank various
goals on a scale
of 1 to 10 – for
your CASE family
– then later, do it
for yourself, your
own family.
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Additional
Materials
Developed:
Example 
--------After initial
workshops, we
found that a top
question was
“How do I find an
estate planning
attorney?”
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Evaluating Your Estate Plan complements
other Farm Management / Risk Management
Programming:
• Annie’s Project
• Managing for Today &
Tomorrow
• Farm/Family Financial
Planning Programs
• Shorter (half-day) Estate
Planning Basics programs
• Farmland Value & Leasing
Programs
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Program Delivery
• Promised 10
meetings with 160
participants!
• Delivered 13
meetings with 395
participants!
• +12 meetings with
322 participants
post-grant
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Our Farm
Management Team
has enjoyed working
together to share this
valuable program
with families across
Iowa.
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Questions?
More information?
• Check Ag Decision Maker –
www.extension.iastate.edu/agdm for more
information.
• Contact us – we would be happy to discuss a
personal visit to provide training and resources
on the Evaluating Your Estate Plan program.
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Evaluating Your Estate Plan
(EYEP)
Tim Eggers
B.S., M.S., Oklahoma State University
[email protected]
Melissa O’Rourke
B.S., Illinois State University
M.A., University of Minnesota
J.D., University of South Dakota
[email protected]
Kelvin Leibold
B.S., M.S., Iowa State University
[email protected]
11/6/2015
28