Have you formalized your living will, succession, retirement or estate plan? Or are you like so many families who find it difficult to talk about these issues with your spouse or with your family? Sensitive issues, such as money, death and family relations are difficult issues not only to bring up but also to talk about in any depth. It is hard to approach these issues calmly when there are strong feelings about what is important. Some people avoid discussing these subjects because they believe it to be disrespectful and uncomfortable. You have spent your lifetime building your legacy or a successful business. Maybe you have a farm or ranch run by an extended family and the estate you leave will affect many family members. Maybe you have a relatively small estate financially which includes family heirlooms that are important to your surviving family members. Big or small, it is important to plan how to transfer your business to the next generation and inform your family what you want done with your belongings that you have treasured during your lifetime.
A survey of Americans found that both parents and adult children were uncomfortable discussing the one-dimensional topic of leaving an “inheritance,” but both enthusiastically embraced the idea of leaving a “legacy.” People believe a legacy captures all facets of an individual’s life-including family traditions, history, sharing stories, values, and wishes. For most people inheritance or estate planning are scary, dry terms. A complete legacy, according to the study, is built on four pillars: Values and Life Lessons, Personal Possessions of Emotional Value, Instructions and Wishes to be Fulfilled, and Financial Assets/Real Estate.
CSU Rio Blanco Extension is hosting an informative workshop on Leaving a Lasting Legacy in Meeker next Tuesday, Feb. 22 in Extension Room 1 which is located at the Rio Blanco Fairgrounds. Dinner will start at 5p.m. with an interactive presentation to follow. Presenters are Todd Hagenbuch, ranch owner and Ag/Natural Resources Extension Agent for CSU in Routt County and Jeffrey Tranel, Regional Extension Specialist – Agricultural and Business Management Economist. Both are traveling to Meeker to provide needed resources, to answer your questions, and to provide innovative ideas on how to discuss difficult topics with your family. When you leave, you will have a planning book and roadmap for how to move forward. The presenters are not lawyers, but will provide you with methods and materials that will save you time and money when you do meet with you lawyers. Past participants have found the information invaluable as their families discussed individual legacies and the futures of their farms, ranches, business, or estates of any size. They learned how to plan for retirement, formalize their estate plan and let their families know about wishes for their belongings, their final days, their funeral arrangements. Who should attend? Everyone interested in learning more about estate planning. Attendees are encouraged to bring family members.
The workshops are sponsored by: Colorado State University Extension, Western Sustainable Agriculture Research and Education, Rocky Mountain Farmers Union, Colorado Fruit and Vegetable Growers Association, Colorado Farm Bureau, First National Bank, McClave State Bank, San Juan Basin Farm Bureau, and many others.
The cost of the workshop including dinner and estate planning book is $25 per person (cash and checks only please). For more information contact Linda Masters at the Extension office 970-878-9494 or[email protected].
By Linda Masters
Special to the Herald Times
