Transitioning the family farm to the next generation is a complex process that requires thorough planning. It involves assessing family members' goals and abilities, the farm's financial resources and operating environment, and developing a plan to ensure the farm's long-term viability and the family's financial security. Effective communication between family members is crucial throughout the transition process to ensure everyone's needs are addressed. Farm transition planning should include developing business and personal goals, evaluating income sources, retirement planning, estate planning, and contingency plans.
I understand saving can be difficult. But even a small amount, like $50, can really add up over time with the interest savings bonds earn. Why don't we try ordering just $50 worth to get you started? You never have to save more if it doesn't work for you right now.
Transfer of wealth study san antonio area foundationsaafdn
This document summarizes the key findings from a transfer of wealth study conducted for Bexar County, Texas. It finds that over the next 10 years, $22 billion is expected to transfer between generations in Bexar County. Over the next 50 years, $258 billion is projected to transfer. If just 5% of transferred wealth was endowed for the community and 5% was distributed annually, it could generate an additional $55 million in grants over 10 years or $645 million in grants over 50 years for local nonprofits. The summary identifies stakeholders to share this opportunity with and strategies to educate professionals and the public.
1. The document discusses planning and saving for retirement, including estimating costs of one's desired lifestyle and identifying sources of retirement income such as pensions, 401ks, IRAs, Social Security, and other savings vehicles.
2. It explains compound interest and its power to grow savings over time, demonstrating concepts like the Rule of 72.
3. The importance of starting to save and plan for retirement early is emphasized.
Top 10 charitable planning strategies for financial advisors under the new ta...Russell James
This presentation gives the top approaches to helping your clients and growing your practice using charitable planning with special tips related to the new tax law. Participants will learn how to provide tremendous benefit to clients, while improving their own assets under management, with charitable planning. Topics include gifts from retirement plans, gifts of appreciated assets, the use of private foundations, and life insurance.
I understand saving can be difficult. But even a small amount, like $50, can really add up over time with the interest savings bonds earn. Why don't we try ordering just $50 worth to get you started? You never have to save more if it doesn't work for you right now.
Transfer of wealth study san antonio area foundationsaafdn
This document summarizes the key findings from a transfer of wealth study conducted for Bexar County, Texas. It finds that over the next 10 years, $22 billion is expected to transfer between generations in Bexar County. Over the next 50 years, $258 billion is projected to transfer. If just 5% of transferred wealth was endowed for the community and 5% was distributed annually, it could generate an additional $55 million in grants over 10 years or $645 million in grants over 50 years for local nonprofits. The summary identifies stakeholders to share this opportunity with and strategies to educate professionals and the public.
1. The document discusses planning and saving for retirement, including estimating costs of one's desired lifestyle and identifying sources of retirement income such as pensions, 401ks, IRAs, Social Security, and other savings vehicles.
2. It explains compound interest and its power to grow savings over time, demonstrating concepts like the Rule of 72.
3. The importance of starting to save and plan for retirement early is emphasized.
Top 10 charitable planning strategies for financial advisors under the new ta...Russell James
This presentation gives the top approaches to helping your clients and growing your practice using charitable planning with special tips related to the new tax law. Participants will learn how to provide tremendous benefit to clients, while improving their own assets under management, with charitable planning. Topics include gifts from retirement plans, gifts of appreciated assets, the use of private foundations, and life insurance.
This document provides an overview of retirement planning and considerations. It discusses starting retirement planning early, estimating expenses and income, identifying savings goals, using tax-advantaged accounts like 401ks and IRAs, factors like inflation, diversifying investments, and protecting against risks with insurance. The key aspects are starting retirement planning as soon as possible, crunching numbers to calculate savings needs, and implementing a long-term strategy using various savings vehicles and accounts.
Assistant: Assistant:
Paraplanner Paraplanner Portfolio Manager
Regulation: Regulation: Regulation:
IIROC FP Canada Portfolio Management
Fee: Fee: Fee:
Transaction based Hourly/Fixed/AUM AUM
Focus: Focus: Focus:
Products Planning Advisory
Client: Client: Client:
Mass Affluent Mass Affluent/HNW HNW
Execution Strategies
Lump Sum
- All at once
Dollar Cost Averaging
- Regular intervals over time
Value Averaging
- Buys more shares
This document provides information on two options for using a home to generate retirement income: downsizing to a less expensive home or taking out a reverse mortgage. Downsizing would allow adding $6,250 more yearly income by investing sale proceeds and cutting housing expenses. A reverse mortgage could provide $8,600 in yearly lifetime payments or lump sums/credit lines up to $139,000, depending on the home value and borrower's age, allowing remaining in the current home. Both options have tradeoffs to consider around costs, future needs, and preferences to stay in the current home.
Top 10 charitable planning strategies for financial advisorsRussell James
1. Donating appreciated assets like stock instead of cash to charity allows donors to avoid capital gains taxes while still receiving a charitable deduction for the full fair market value.
2. Taking required minimum distributions from retirement accounts after age 70 1/2 and donating them to charity provides tax benefits as the distributions are not considered taxable income.
3. Creating charitable remainder trusts allows donors to receive an immediate income tax deduction today based on the future value of the charitable gift, even though the charity does not receive the assets until later.
This document summarizes key considerations for donating retirement assets to charity. It discusses the different life stages of retirement accounts and tax implications of donations from each stage. Donating before age 59.5 can create taxable income and penalties, while donations from 59.5-70.5 are taxable but penalty-free. Qualified charitable distributions after 70.5 avoid taxes. The document also compares tax outcomes of leaving retirement assets to heirs versus charities. Naming charities as beneficiaries can avoid estate taxes and provide tax deductions.
The document discusses saving opportunities at tax time for lower-income individuals. It notes that Americans had stopped saving in 2008 and debt levels were high. However, tax refunds provide an opportunity for lower-income individuals to start saving, as they receive over $100 billion total in refunds annually. Research found that lower-income individuals who received assistance from a tax preparer were able to successfully save a portion of their refund in U.S. savings bonds. The webinar promotes savings bonds as a convenient and simple savings option that can be purchased for as little as $50 and used to help individuals meet savings goals.
Lisa Brugman presented on women and investing. She discussed investment basics like stocks, bonds, mutual funds and annuities. Her presentation emphasized that women should save 12% annually starting as early as possible to build a retirement fund. She also stressed the importance of having an emergency fund, proper insurance, and speaking to a financial advisor to plan goals and dreams. Smart women can finish rich by paying themselves first and taking advantage of tax-advantaged retirement accounts and the power of compound interest over time.
Laura Scharr-Bykowsky presented on retirement planning and improving financial health. She discussed typical symptoms of being unprepared for retirement like inadequate savings and no clear retirement vision. She emphasized the importance of doing a retirement calculation and "gap analysis" to determine savings goals. Early savers have a significant advantage over late savers due to compound interest. Her recommendations included developing a retirement vision, estimating expenses, analyzing savings gaps, maximizing retirement accounts and Social Security benefits, and reconsidering retirement dates or expenses if savings fall short of goals.
10 Strategies for Post COVID-19 fundraising in complex and major giftsRussell James
The document outlines 10 strategies for nonprofit fundraising in the post-COVID-19 environment for complex and major gifts. It recommends beginning with showing concern for donors' well-being. It suggests focusing initial fundraising efforts on donors with donor-advised funds, as they are more likely to donate assets already set aside for charity. Special one-time requests may work well but should identify a crisis for beneficiaries rather than the organization. Planned gifts can help address donor uncertainty. Charitable gift annuities and retained life estates in homes or farmland provide tax benefits and lifetime income. Charitable lead and income tax planning trusts allow donors tax deductions. "Charitable swaps" of appreciated assets for cash donations provide tax benefits even in
The document discusses how lifestyle conditions and stages of life affect typical incomes, needs, and expenses, noting that financial challenges can arise from events like having children, retirement, or health issues. It also outlines the individual, family, and financial life cycles and how incomes, expenses, and needs change at each stage due to factors like age, education level, employment, and family size.
The document provides an overview of key retirement planning considerations including longevity and health, spending and inflation, investment returns, and health costs. It notes that Canadians are living longer, retiring earlier, and may need to fund 20 years of retirement from 40 years of work. Key pieces of advice include diversifying investments, planning for higher costs due to inflation, and considering health and long-term care needs as these unknowns can significantly impact retirement. Developing a customized retirement plan is recommended to help navigate future uncertainties.
Top 10 charitable planning strategies for financial advisors 2020Russell James
This presentation gives the top approaches to helping your clients and growing your practice using charitable planning with special tips related to the new tax law. Participants will learn how to provide tremendous benefit to clients, while improving their own assets under management, with charitable planning. Topics include gifts from retirement plans, gifts of appreciated assets, the use of private foundations, and life insurance.
These slides are taken from the graduate financial planning course "Introduction to Charitable Planning" at Texas Tech University. Details at www.EncourageGenerosity.com
The document discusses promoting savings among lower-income taxpayers through the tax preparation process. It notes that Americans had stopped saving in 2008 and debt levels had risen. It then outlines the benefits of saving, including for emergencies, investments, and security. Challenges to saving for lower-income individuals are discussed. Examples are given showing that even modest savings are possible with programs that match savings. The remainder of the document provides guidance on promoting U.S. Savings Bonds to tax clients as a convenient and trusted way to begin saving at tax time.
The document outlines the steps in financial goal setting and decision making, including identifying the problem, gathering information on options, and evaluating outcomes. It discusses how individuals' needs, wants, values, priorities, and life factors like family, culture, technology, and the economy affect financial goals and choices. Setting SMART goals and following logical decision making steps can help people make informed financial decisions that lead to achieving their objectives.
The document outlines 15 rules for effective meetings. Key points include only scheduling necessary meetings with the required attendees, having clear agendas and goals, assigning roles like facilitator and timekeeper, recording action items, limiting meetings to under 45 minutes, and not using meeting time to share information that could be sent by email instead. The rules are intended to make meetings more focused and productive.
The document discusses best practices for effective family meetings in medical ethics situations. It provides an overview of ethics and preventive ethics, reviews literature on the benefits of family meetings, and outlines a 10-step approach to structuring an effective family meeting based on lessons from the literature. The 10 steps include preparation, introducing participants and purpose, assessing family understanding, summarizing and educating the family, discussing prognosis and goals of care, addressing emotions, making a plan, follow up, and closure.
The document outlines the agenda for a family meeting which includes discussions on missions, HPCS (Highland Park Christian School), completing an entrance road project, and child safety initiatives. For missions, the goals are to foster closer relationships with missionaries, equip and send out their own members, and ensure proper stewardship. For HPCS, they will discuss the philosophy, enrollment updates, tuition increases and assistance program. Completing the entrance road is important for safety, ministry and visitors. Finally, they will discuss training, procedures, paperwork, ID cards, monitoring and facilities improvements to strengthen child safety.
The document lists "wrong family rules" that were spoken or implied in dysfunctional families, churches, or schools. These rules include not having or expressing feelings, ignoring problems, focusing only on appearances, being perfect, keeping secrets, and not getting help. The document then has prayers to renounce each rule and ask for healing from the effects of growing up with them, such as regaining the ability to trust and have healthy relationships. It encourages forgiving those who wronged you and releasing bitterness.
Chapter 4: Family Communication Rules & Family RitualsJLSpicer
This document discusses how families develop their own unique relational cultures through their communication patterns and the meanings they assign to interactions. It explains that families create communication rules, both explicit and implicit, regarding appropriate communication in different situations. These rules contribute to the family's shared understanding of what is considered "normal" and help provide structure and predictability in family interactions. The document also introduces the concept of "metarules," which are rules that govern how relationship rules can change over time as a family's dynamics evolve.
This document provides an overview of retirement planning and considerations. It discusses starting retirement planning early, estimating expenses and income, identifying savings goals, using tax-advantaged accounts like 401ks and IRAs, factors like inflation, diversifying investments, and protecting against risks with insurance. The key aspects are starting retirement planning as soon as possible, crunching numbers to calculate savings needs, and implementing a long-term strategy using various savings vehicles and accounts.
Assistant: Assistant:
Paraplanner Paraplanner Portfolio Manager
Regulation: Regulation: Regulation:
IIROC FP Canada Portfolio Management
Fee: Fee: Fee:
Transaction based Hourly/Fixed/AUM AUM
Focus: Focus: Focus:
Products Planning Advisory
Client: Client: Client:
Mass Affluent Mass Affluent/HNW HNW
Execution Strategies
Lump Sum
- All at once
Dollar Cost Averaging
- Regular intervals over time
Value Averaging
- Buys more shares
This document provides information on two options for using a home to generate retirement income: downsizing to a less expensive home or taking out a reverse mortgage. Downsizing would allow adding $6,250 more yearly income by investing sale proceeds and cutting housing expenses. A reverse mortgage could provide $8,600 in yearly lifetime payments or lump sums/credit lines up to $139,000, depending on the home value and borrower's age, allowing remaining in the current home. Both options have tradeoffs to consider around costs, future needs, and preferences to stay in the current home.
Top 10 charitable planning strategies for financial advisorsRussell James
1. Donating appreciated assets like stock instead of cash to charity allows donors to avoid capital gains taxes while still receiving a charitable deduction for the full fair market value.
2. Taking required minimum distributions from retirement accounts after age 70 1/2 and donating them to charity provides tax benefits as the distributions are not considered taxable income.
3. Creating charitable remainder trusts allows donors to receive an immediate income tax deduction today based on the future value of the charitable gift, even though the charity does not receive the assets until later.
This document summarizes key considerations for donating retirement assets to charity. It discusses the different life stages of retirement accounts and tax implications of donations from each stage. Donating before age 59.5 can create taxable income and penalties, while donations from 59.5-70.5 are taxable but penalty-free. Qualified charitable distributions after 70.5 avoid taxes. The document also compares tax outcomes of leaving retirement assets to heirs versus charities. Naming charities as beneficiaries can avoid estate taxes and provide tax deductions.
The document discusses saving opportunities at tax time for lower-income individuals. It notes that Americans had stopped saving in 2008 and debt levels were high. However, tax refunds provide an opportunity for lower-income individuals to start saving, as they receive over $100 billion total in refunds annually. Research found that lower-income individuals who received assistance from a tax preparer were able to successfully save a portion of their refund in U.S. savings bonds. The webinar promotes savings bonds as a convenient and simple savings option that can be purchased for as little as $50 and used to help individuals meet savings goals.
Lisa Brugman presented on women and investing. She discussed investment basics like stocks, bonds, mutual funds and annuities. Her presentation emphasized that women should save 12% annually starting as early as possible to build a retirement fund. She also stressed the importance of having an emergency fund, proper insurance, and speaking to a financial advisor to plan goals and dreams. Smart women can finish rich by paying themselves first and taking advantage of tax-advantaged retirement accounts and the power of compound interest over time.
Laura Scharr-Bykowsky presented on retirement planning and improving financial health. She discussed typical symptoms of being unprepared for retirement like inadequate savings and no clear retirement vision. She emphasized the importance of doing a retirement calculation and "gap analysis" to determine savings goals. Early savers have a significant advantage over late savers due to compound interest. Her recommendations included developing a retirement vision, estimating expenses, analyzing savings gaps, maximizing retirement accounts and Social Security benefits, and reconsidering retirement dates or expenses if savings fall short of goals.
10 Strategies for Post COVID-19 fundraising in complex and major giftsRussell James
The document outlines 10 strategies for nonprofit fundraising in the post-COVID-19 environment for complex and major gifts. It recommends beginning with showing concern for donors' well-being. It suggests focusing initial fundraising efforts on donors with donor-advised funds, as they are more likely to donate assets already set aside for charity. Special one-time requests may work well but should identify a crisis for beneficiaries rather than the organization. Planned gifts can help address donor uncertainty. Charitable gift annuities and retained life estates in homes or farmland provide tax benefits and lifetime income. Charitable lead and income tax planning trusts allow donors tax deductions. "Charitable swaps" of appreciated assets for cash donations provide tax benefits even in
The document discusses how lifestyle conditions and stages of life affect typical incomes, needs, and expenses, noting that financial challenges can arise from events like having children, retirement, or health issues. It also outlines the individual, family, and financial life cycles and how incomes, expenses, and needs change at each stage due to factors like age, education level, employment, and family size.
The document provides an overview of key retirement planning considerations including longevity and health, spending and inflation, investment returns, and health costs. It notes that Canadians are living longer, retiring earlier, and may need to fund 20 years of retirement from 40 years of work. Key pieces of advice include diversifying investments, planning for higher costs due to inflation, and considering health and long-term care needs as these unknowns can significantly impact retirement. Developing a customized retirement plan is recommended to help navigate future uncertainties.
Top 10 charitable planning strategies for financial advisors 2020Russell James
This presentation gives the top approaches to helping your clients and growing your practice using charitable planning with special tips related to the new tax law. Participants will learn how to provide tremendous benefit to clients, while improving their own assets under management, with charitable planning. Topics include gifts from retirement plans, gifts of appreciated assets, the use of private foundations, and life insurance.
These slides are taken from the graduate financial planning course "Introduction to Charitable Planning" at Texas Tech University. Details at www.EncourageGenerosity.com
The document discusses promoting savings among lower-income taxpayers through the tax preparation process. It notes that Americans had stopped saving in 2008 and debt levels had risen. It then outlines the benefits of saving, including for emergencies, investments, and security. Challenges to saving for lower-income individuals are discussed. Examples are given showing that even modest savings are possible with programs that match savings. The remainder of the document provides guidance on promoting U.S. Savings Bonds to tax clients as a convenient and trusted way to begin saving at tax time.
The document outlines the steps in financial goal setting and decision making, including identifying the problem, gathering information on options, and evaluating outcomes. It discusses how individuals' needs, wants, values, priorities, and life factors like family, culture, technology, and the economy affect financial goals and choices. Setting SMART goals and following logical decision making steps can help people make informed financial decisions that lead to achieving their objectives.
The document outlines 15 rules for effective meetings. Key points include only scheduling necessary meetings with the required attendees, having clear agendas and goals, assigning roles like facilitator and timekeeper, recording action items, limiting meetings to under 45 minutes, and not using meeting time to share information that could be sent by email instead. The rules are intended to make meetings more focused and productive.
The document discusses best practices for effective family meetings in medical ethics situations. It provides an overview of ethics and preventive ethics, reviews literature on the benefits of family meetings, and outlines a 10-step approach to structuring an effective family meeting based on lessons from the literature. The 10 steps include preparation, introducing participants and purpose, assessing family understanding, summarizing and educating the family, discussing prognosis and goals of care, addressing emotions, making a plan, follow up, and closure.
The document outlines the agenda for a family meeting which includes discussions on missions, HPCS (Highland Park Christian School), completing an entrance road project, and child safety initiatives. For missions, the goals are to foster closer relationships with missionaries, equip and send out their own members, and ensure proper stewardship. For HPCS, they will discuss the philosophy, enrollment updates, tuition increases and assistance program. Completing the entrance road is important for safety, ministry and visitors. Finally, they will discuss training, procedures, paperwork, ID cards, monitoring and facilities improvements to strengthen child safety.
The document lists "wrong family rules" that were spoken or implied in dysfunctional families, churches, or schools. These rules include not having or expressing feelings, ignoring problems, focusing only on appearances, being perfect, keeping secrets, and not getting help. The document then has prayers to renounce each rule and ask for healing from the effects of growing up with them, such as regaining the ability to trust and have healthy relationships. It encourages forgiving those who wronged you and releasing bitterness.
Chapter 4: Family Communication Rules & Family RitualsJLSpicer
This document discusses how families develop their own unique relational cultures through their communication patterns and the meanings they assign to interactions. It explains that families create communication rules, both explicit and implicit, regarding appropriate communication in different situations. These rules contribute to the family's shared understanding of what is considered "normal" and help provide structure and predictability in family interactions. The document also introduces the concept of "metarules," which are rules that govern how relationship rules can change over time as a family's dynamics evolve.
Four Simple Rules for an Effective Meeting Rules (kvaes.be)Karim Vaes
This document outlines 4 simple rules for effective meetings:
1. Every meeting must have a clear purpose to justify the time and cost.
2. Meetings should have a specific start and end time to respect people's schedules and keep discussions on topic.
3. Only people who are committed to or involved in the meeting topic should attend to avoid off-topic discussions.
4. Notes should be taken during the meeting and sent out afterwards to communicate decisions made and next steps.
The document discusses succession planning for family farms. It provides an overview of family farms in the US and defines a family business and family farm. It emphasizes the importance of starting succession planning early and involving family members and professionals. The bulk of the document outlines the 10 steps to developing an effective succession plan, including setting goals, evaluating the business, exploring transfer options, identifying successors, and developing and implementing a written plan. It stresses open communication and preparing contingency plans.
This document provides information about financial coaching to help build a solid financial foundation and become truly rich. It discusses developing good financial habits like paying yourself first, managing debts, increasing your cash flow, and protecting yourself through insurance. It also covers financial literacy topics like inflation, compound interest, and investing for retirement. The overall message is that with the right knowledge and discipline, anyone can take control of their finances and achieve their dreams and goals.
Gwen Becker, RBC and Allison Maher, Family Wealth Coach lead you through the critical questions to empower you to take ownership of your financial future.
World Financial Group provides financial services and products to help people achieve better financial futures. It uses a hybrid business model that rewards associates for both sales production and leadership in developing other associates. The opportunity allows associates to earn income through their own sales, overrides on other associates' sales, and residuals. World Financial Group focuses on serving middle-income individuals and families and provides training and support to help associates be successful.
Affordable Property Investments helps people grow their wealth through property investment. It is owned by Rohan Birmingham, who has experience in property development and management. The company's goal is to create a network of experienced property investors and professionals to provide services like research, education, financing and management to help members invest successfully in properties for long-term capital growth and cash flow.
This document discusses how to protect one's financial future. It notes that people have goals for themselves, their families, and their lifestyle that require ongoing income and asset accumulation. However, there are risks like death, disability, critical illness, or loss of income that could interrupt this accumulation. The document recommends doing an analysis of one's assets, liabilities, income needs, and estate to determine if there are any shortfalls. It also stresses the importance of succession planning for businesses to help them survive the loss of key people. The overall message is that financial planning solutions are needed to help people and businesses prosper while preserving what they have built.
This document discusses how to protect one's financial future. It notes that people have goals for themselves, their families, and their lifestyle that require ongoing income and asset accumulation. However, there are risks like death, disability, critical illness, or loss of income that could interrupt this accumulation. The document recommends doing an analysis of one's assets, liabilities, income needs, and estate to determine if there are any shortfalls. It also stresses the importance of wills, business succession planning, and financial and insurance solutions to help meet goals and protect what has been built.
The document discusses focusing on family and preserving family wealth over generations. It summarizes that 2/3 of family wealth transfers fail due to poor family communication, gossip, anger and loss of trust. Developing responsible adults through human and intellectual capital is the goal of wealth preservation. Strong family governance, trust, communication and ensuring heirs are prepared to manage wealth are the most important factors for successful intergenerational transfer of family wealth.
“CLA USA, Inc. is a financial services company with a safe and conservative approach to planning...an asset preservation philosophy. From IRA’s to surviving spouse needs...CLA USA focuses on the areas that concern you the most.”
This document discusses maximum wealth control strategies and family wealth counseling. It emphasizes the importance of considering both the financial and social aspects of a family's wealth. Traditional estate planning focuses only on the financial, but family wealth counseling takes a more holistic approach by also exploring the social dynamics. This integrated approach aims to help families maintain control over their wealth across generations and fulfill their mission by developing effective communication, a shared vision, and prepared heirs.
This document discusses maximum wealth control strategies and family wealth counseling. It emphasizes the importance of considering both the financial and social aspects of a family's wealth. Traditional estate planning focuses only on the financial, but family wealth counseling takes a more holistic approach by also exploring the social dynamics. This integrated approach aims to help families maintain control over their wealth across generations and fulfill their mission by developing effective communication, a common purpose, and prepared heirs.
Raising Dough: Financing Your Farm or Food-Based BusinessElizabeth Ü
In order to start or grow a farm of food-based business, you need money. Farmers have more financing options than ever before to raise capital for their farm-based businesses, but choosing which fundraising methods to pursue requires knowing how they work. In this track, learn the criteria, sweet spots, pros and cons, tips and techniques of the many financing options available. Complete with interactive exercises, success stories, and cautionary tales, discover what it takes to access the right kinds of capital for your farm. You’ll leave with steps you can take right away, whether you are currently seeking financing or don’t expect to for years to come.
Presenters:
Rebecca Thistlewaite, Sustain Consulting
Elizabeth Ü, Finance for Food
Bill Kitsch, Mid-Atlantic Farm Credit
Topics Covered:
--Clarifying Your Values & Prioritizing Business Investments
--Organizing Financial Records & Improving Your Credit Rating
--Cash Flow, Budgeting & Enterprise Analysis
--Overview of Financing Types & Laws to Keep in Mind
--Loans; Land Financing Options; Grants; Community Supported Models; Crowdfunding
--Social Capital: Why It’s Important & How to Build It
--Equity Financing
Presented at PASA's 23rd Annual Farming for the Future Conference: Letting Nature Lead. State College, PA. February 8, 2014
The document discusses achieving financial security in the current economic environment, referred to as the "new normal". It describes the "new normal" as a period of slow economic growth, low stock market returns, high unemployment, and declining asset values. It then provides an overview of basic personal finance principles like budgeting, setting SMART goals, investing for retirement, and diversifying investments. The document emphasizes starting to save and invest early in order to take advantage of compound interest over time.
This document discusses the planned giving program of Episcopal Senior Communities. It provides details on its 6 continuing care retirement communities and affordable housing programs serving over 11,000 seniors. The Episcopal Senior Communities Foundation was created in 2002 to raise funds and its annual income has grown to over $7 million from outright gifts, gift annuity contracts, and charitable remainder trusts. The document outlines the foundation's strategies for managing risks associated with gift vehicles, ensuring legal and regulatory compliance, and protecting the interests of donors.
Rob Abell started Will Planning Solutions after working in finance. He helps clients arrange their legal and financial affairs through wills and estate planning. The document discusses wills and estate planning, including business succession planning, avoiding cheap wills, why to use Will Planning Solutions, and risks of not having a will such as intestacy or family disputes over inheritance. It provides an overview of services related to wills, trusts, powers of attorney, and funeral planning to help clients plan and protect their estates.
This document summarizes a presentation about transitioning a family-owned business to the next generation. It discusses that 70% of Australian businesses are family owned, and that baby boomers are at the age where succession decisions need to be made. It emphasizes that wealth transfer fails for 60% of families due to inadequate training of heirs, 25% due to a range of legal/tax issues or poor advice, and 15% due to breakdowns in family communication and trust. The presentation recommends starting the succession process early, establishing strong governance structures like a family charter and board, and focusing on building family relationships through open communication and family meetings.
This document provides an overview of a personal finance course. The course aims to help students gain skills to responsibly manage their money and gain perspective on how finances should affect their lives. The course will cover topics like setting financial goals, maximizing income and assets while minimizing expenses and liabilities, financial planning at different life stages, and determining net worth. The overall goal is to help students attain both financial and non-financial life goals in a sustainable way.
This document summarizes a presentation about protecting family farms, legacies, and planning for estate transfers across generations. It notes that fewer than 10% of people raised on farms return to farming, and many older farmers are seeking retirement. It discusses challenges facing multi-generational farms, such as fewer designated successors and difficulty supporting families. The presentation provides statistics on farm ownership and sizes over time. It outlines options for transferring farms across generations while minimizing taxes and preserving the farm. These include various business structures and estate planning techniques like trusts. The importance of flexibility and communication within families is stressed.
Lulus Local Food Software provides an online marketplace that connects small farms directly to customers. Their innovative software allows farmers to set their own prices, control inventory, and reach new markets. It started in 2008 with a local hub and has since grown to support over 20 farms. The software gives farmers control over sales while providing customers transparency about product origins and descriptions from the farmers.
The document outlines tips for beginning cut flower gardens, including recommended flowers for beginners like zinnias, marigolds, and sunflowers. It discusses reasons for growing cut flowers like revenue generation and attracting pollinators. Guidelines are provided for obtaining seeds and plants, soil preparation, care of the garden, harvesting techniques, and marketing flowers through venues such as farmers markets and social media. Arranging bouquets is also addressed.
Kentucky State University and Lincoln University are two historically black colleges and universities mentioned in the document. Both schools have a long history of educating African American students when other schools would not admit them due to racism and segregation. The document provides the names of two HBCUs but does not include any other details about them.
The document discusses a day-long event called Earthdance. Earthdance is an annual celebration that brings together people from around the world to perform dances and rituals intended to heal the Earth. Participants gather in public spaces to dance and pray for the planet's welfare from sunrise to sunset on the autumn equinox each year.
The document discusses a day-long event called Earthdance. Earthdance is an annual celebration that brings together people from around the world to perform dances and rituals intended to heal the Earth. Participants gather in public spaces to dance and pray for the planet's welfare, hoping their collective actions will help address issues like climate change and environmental destruction.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms for those who already suffer from conditions like depression and anxiety.
This workshop presentation discusses intensive square foot gardening techniques for commercial farms. The key aspects covered include using drip irrigation and close plant spacing to maximize yield from minimal space. Presenters demonstrate how to intensively plant vegetable crops using organic methods on small plots, with all produce being donated to local organizations. The goal is to show farmers how to gross $1 per square foot through year-round production, crop selection based on market and labor needs, and efficient use of water, soil, and space.
High tunnel raspberries can provide several advantages over field production including extended harvest seasons, increased yields, and improved fruit quality. There are two main types of tunnels used - multi-bay tunnels which provide partial seasonal protection and single-bay tunnels which can be kept closed year-round. While tunnels increase production costs and labor needs, they can allow growers to diversify crop production and access new markets by supplying fresh local berries for longer periods. Pests like spider mites and diseases tend to be reduced in tunnels compared to fields. Proper ventilation is important for temperature control and disease prevention.
This document provides an overview of blackberry varieties, including their taxonomy, biology, growth habits, management requirements, yields, and suitability for local versus wholesale markets. It discusses key attributes like thorn presence, fruiting season, hardiness, flavor, and pest resistance. A variety of popular cultivars are described in detail for traits such as yield, fruit size, and postharvest quality. Newer introductions with potential for expanded seasons and local or commercial production are also highlighted.
This document provides information about Nourse Farms' blueberry production. It details that they grow June strawberries, brambles, blueberries, currants and gooseberries on their farm. For blueberries, they produce mostly pick-your-own and wholesale late in the season. The document then focuses on blueberry plant varieties, tissue culture plug plants, planting prescriptions including adjusting soil pH and using woodchips and sulfur, and different blueberry varieties categorized by ripening time.
This document discusses strategies for double cropping raspberries, including considerations for production goals, harvest strategies, variety selection, planting location, and pruning methods. Key points include choosing 2-3 commercial everbearing varieties to split risk, using a trellis system and attaching primocanes with clips, topping primocanes in November to reduce winter injury, and selecting varieties like Polka, Autumn Britten, and Himbo Top that are productive and disease resistant.
Berry viruses complexes and what we can do about itMark Klingman
This document discusses berry viruses and their transmission. It covers the taxonomy of various virus vectors like aphids, nematodes, fungi. It then discusses specific strawberry viruses transmitted by different vectors like aphids, whiteflies, pollen. It also discusses identifying unknown viruses that may contribute to strawberry decline and developing detection techniques. Further, it covers blackberry yellow vein disease, identifying the viruses involved, developing tests for them, and minimizing the disease by controlling its vectors.
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Spotted wing drosophila and brown marmorated stink bug - the biggest challeng...Mark Klingman
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2. Spotted wing drosophila is an invasive fruit fly that lays eggs in and larvae feed within ripe and ripening fruit, unlike most drosophila species which feed on rotting fruit.
3. The document provides information on identifying, monitoring, and managing both pests through cultural and chemical controls. Trapping methods and effective insecticides are discussed for controlling spotted wing drosophila.
1) The US goat meat industry harvested over 800,000 goats in 2009 and imported over 700,000 goat carcasses from Australia. However, the aggregate demand for goat meat in the US is currently unknown.
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3) Improving the genetic quality of goat herds through performance testing would help increase supply but is difficult for individual farmers. Overall increases in goat meat production face challenges from high land costs and low rates of return.
This document discusses target marketing of slaughter goats by seasonally breeding portions of the herd to take advantage of higher winter prices. It describes breeding in December/January for May/June kidding to sell kids in November through April, or breeding in April/May for September/October kidding to sell kids in February/March. While winter prices are typically 25-30% higher, producers must calculate whether increased revenues exceed costs of altering production. The document also covers logistics, obstacles, and hormonal methods for inducing spring breeding and fall kidding to target winter markets.
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Presentation eric hanson - bramble nutritionMark Klingman
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2. Apply nitrogen, phosphorus, and potassium according to soil test recommendations, with most brambles requiring 50-100 lbs of nitrogen per year. Split nitrogen applications and consider fertigation for efficient delivery.
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This document contains recipes for 4 dishes that incorporate local ginger:
1) Sweet and Sassy Ginger Lemonade uses ginger, honey, lemon juice, and water for a refreshing 8-serving beverage.
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🔥🔥🔥🔥🔥🔥🔥🔥🔥
إضغ بين إيديكم من أقوى الملازم التي صممتها
ملزمة تشريح الجهاز الهيكلي (نظري 3)
💀💀💀💀💀💀💀💀💀💀
تتميز هذهِ الملزمة بعِدة مُميزات :
1- مُترجمة ترجمة تُناسب جميع المستويات
2- تحتوي على 78 رسم توضيحي لكل كلمة موجودة بالملزمة (لكل كلمة !!!!)
#فهم_ماكو_درخ
3- دقة الكتابة والصور عالية جداً جداً جداً
4- هُنالك بعض المعلومات تم توضيحها بشكل تفصيلي جداً (تُعتبر لدى الطالب أو الطالبة بإنها معلومات مُبهمة ومع ذلك تم توضيح هذهِ المعلومات المُبهمة بشكل تفصيلي جداً
5- الملزمة تشرح نفسها ب نفسها بس تكلك تعال اقراني
6- تحتوي الملزمة في اول سلايد على خارطة تتضمن جميع تفرُعات معلومات الجهاز الهيكلي المذكورة في هذهِ الملزمة
واخيراً هذهِ الملزمة حلالٌ عليكم وإتمنى منكم إن تدعولي بالخير والصحة والعافية فقط
كل التوفيق زملائي وزميلاتي ، زميلكم محمد الذهبي 💊💊
🔥🔥🔥🔥🔥🔥🔥🔥🔥
How Barcodes Can Be Leveraged Within Odoo 17Celine George
In this presentation, we will explore how barcodes can be leveraged within Odoo 17 to streamline our manufacturing processes. We will cover the configuration steps, how to utilize barcodes in different manufacturing scenarios, and the overall benefits of implementing this technology.
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...EduSkills OECD
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Temple of Asclepius in Thrace. Excavation resultsKrassimira Luka
The temple and the sanctuary around were dedicated to Asklepios Zmidrenus. This name has been known since 1875 when an inscription dedicated to him was discovered in Rome. The inscription is dated in 227 AD and was left by soldiers originating from the city of Philippopolis (modern Plovdiv).
1. Saving the Small Family Farm
and Saving the Small Farm
Family
Original Slide Presentation Developed by Dr. Alex White,
Agricultural & Applied Economics ,
Revised & Presented by
Peter Callan, Farm Business Management Extension Agent
"Managing the Farm Transition" Workshop
1
2. Transitioning the Farm
To The Next Generation
Is a Stop & Go Process
that is Convoluted
&
often Walks the same ground many times
before a Successful End Point is Achieved!
2
3. Farm Transition Planning
Crucial to survival of the farm!
Involves many topics
Goals
Living arrangements & income needs
Analysis of the resources & environment
Estate planning
Tax management
Contingency plans (“What ifs”)
Most important factor is Communication!!
3
4. Getting Started
Must assess:
Family members’ goals
Older/younger generation, spouses, heirs, etc.
Personal goals and business goals
Family members’ abilities
Operating environment
Economic viability of the farm
Sounds like a business plan to me!
4
5. $1 Million Question for You
You have $1 million in cash
Would you make plans to use it?
Would you discuss your plans with family?
Would you investigate your investment options?
Would you get outside help?
Would you include it in your will?
When would you do these things?
Ave. VA farm has more than $1 million in assets
Would you answer these questions the same way
for your farm assets? 5
6. Possible Transition Options
Continue to farm as a full-time operation
Older generation is active partner
Ben Cartwright School of Farm Management
Older generation phases out of management
Older generation gets out completely
Operate farm as a part-time operation
Both generations involved vs. one generation
Lease the farm
Sell the farm
Sell the farm and purchase a farm in another 6
area
7. Goals
Business goals
Keep the farm in the family, (ownership)
Keep the family on the farm, (operating that farm)
Keep the family in farming, or (operating a farm)
Keep the family from farming - Huh!
Older generation’s business goals
Younger generation’s business goals
Personal & family goals
Of all involved!
7
8. Possible Business Goals - Topics
More/less risk
More/less debt
Expansion/contraction of operation
Increased/decreased labor effort
Increased/decreased management
responsibilities
No/dramatic change in operation
New enterprises, markets, etc.
Time away from the operation
8
9. More on Goals
Family living needs
US ave. of 2008 US average pretax/household
income ~$63,500 (BLS)
Averages family living expenses ~$50,500
(BLS)
Do you expect any retirement income??
“Non-farm” children
Must clearly establish goals
Involve all relevant parties
Compromise
Communication is critical!! 9
10. Goals
Keep your main goals VISIBLE
Mind reading not allowed!
Communicate your goals!
Revise your goals as necessary
10
11. Communication
It takes TWO to communicate
Listening is critical
Honesty and trust are critical
Too often taken for granted by both parties
Not always easy
You CAN NOT communicate
Body language, expressions, actions
Environment is important
11
12. Barriers to Communication
Privacy issues
“family secrets”
Lack of mutual respect for each family
member’s goals, age and experience
Personality profiles
Chip off the “old block”
Using guilt to “control” family members
12
13. Is your family ready for the big
conversation?
Taking stock of family unity and shared
values
What are your family's shared values and
traditions?
How have previous generation used family
resources to perpetuate the shared values?
How will existing family resources be used to
perpetuate the shared values for future
generations?
13
14. Steps a family can take to prepare
for open discussion about finances
Each family member writes down answers to
the following questions before the meeting:
Family members’ goals
Older/younger generation, spouses, heirs, etc.
Personal goals and business goals
Family members’ abilities
Can the younger generation manage money?
14
15. Steps a family can take to prepare for
open discussion about finances cont.
Net Worth Statement for older Generation
Income requirements for older generation
What are the older generation’s goals in the
distribution of assets?
15
16. Steps a family can take to prepare for
open discussion about finances cont.
Who inherits real estate and financial assets?
Who inherits personal property?
Furniture, dishes, silverware etc.
Family heirlooms
Who speaks to whom in your family?
16
17. Holding a Family Meeting
Who leads the discussion?
Ben Cartwright rules of order
“Golden” rules of family communication
How to get people to speak?
Rules of civility
Respect for each family member’s comments
17
18. Holding a Family Meeting cont.
Avoid family secrets
Discussion of fair vs. equal
Third parties can help or harm the discussion
18
19. Fostering Good Communication
Have regular family meetings
Discuss major issues candidly
Leave your egos outside
Meet AWAY from the farm/house
Keep minutes of the meeting
Respect for each family member’s ideas
Consciously work on listening
Be open-minded
Don’t gloss over or ignore problems – be open
19
20. Agreement on shared values for
future generations
Makes estate planning and tax management
issues easier to address
Promotes family unity
Perpetuates family values and traditions
20
21. Living Arrangements & Needs
Where will you live?
Before, during, after transition
On farm, off farm
How much money will you need to live?
US average = 2008 US average
pretax/household ~$63,500(BLS)
That equates to ~$400,000 of gross farm
income (84% Expense/Receipt Ratio)
Need to develop a budget for family living
expenses
21
22. Sources of Income – Older Generation
Net farm income
Continued draw from farm
Lease of farm assets
Sale of farm assets (after-tax)
Off-farm salary/wages
Retirement income
Pension, Social Security benefits
Personal savings & investments
IRAs, 401(k), taxable inv., real estate, etc.
22
23. Can You Afford to Retire?
Retirement living needs
60-80% of pre-retirement needs – this is not
realistic
100-125%
Some expenses hidden under the farm
Increased medical expenses
Travel, leisure, spoiling grandkids, etc.!!
Retirement planning worksheet
How long will your retirement funds last?
23
24. How Long Will $600,000 Last?
Annual Living Expense Needed from Savings
$30,000 $40,000 $50,000 $60,000 $70,000 $80,000
1% 22.2 16.2 12.7 10.5 8.9 7.8
Real Rate 3% 29.6 19.4 14.5 11.6 9.7 8.3
of Return 5% 62.4 25.7 17.4 13.3 10.8 9.1
7% Forever Forever 22.7 15.7 12.2 10.0
9% Forever Forever Forever 20.3 14.3 11.2
Cell values indicate the number of years your portfolio will last.
Consider impact of inflation!
24
25. How Much Must I Have in the
“Bank” If I Spend $50,000 per Year?
Retirement Portfolio
$200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000
1% 4.1 8.3 12.7 17.3 22.2 27.3
Real Rate 3% 4.2 9.0 14.5 21.2 29.6 40.6
of Return 5% 4.3 9.8 17.4 29.4 62.4 Forever
7% 4.5 11.0 22.7 Forever Forever Forever
9% 4.7 12.5 Forever Forever Forever Forever
Cell values indicate the number of years your
portfolio will last.
25
Ignores any other sources of income
28. Economic Viability
Depends on:
Production capabilities
Financial condition
Marketing plan
Operating environment
28
29. Cash flow, profitability, debt mgt.
are keys successful farm transition
Can the business generate sufficient
revenues to pay:
Farm expenses
Family living expenses
Make debt payments
Replace worn out capital items
Equipment
Buildings
29
30. Is the Farm Worth Transferring?
If “No”, plan accordingly
Older Generation
Sell or not? (Financial planner)
Estate planning (Attorney)
Source of income for living needs?
Younger Generation
Career plans?
Source of income?
Discuss with all relevant parties
Spouse, children, partners, non-farm kids
30
31. Is the Farm Worth Transferring?
If “Yes”, plan accordingly
Communicate early and often
Clearly lay out managerial responsibilities
Develop a transition “timeframe”
Ownership and management responsibilities
Communicate regularly!!
Estate planning (Attorney)
How to treat non-farm kids!!
Put the plans in writing – business plan
Communicate, communicate, communicate!
31
32. Contingency Planning
Always have an escape route
Think about how to get out BEFORE getting in!
Be creative, flexible, open-minded
Look at opportunities vs problems
Write down your contingency plans
32
33. Consequences of NOT developing
and implementing a transition plan
IRS has a plan for you!
Legislation mandates how property is transferred
between generations
Estate transfer laws may not implement the
older generation’s wishes for the transfer of land
and family assets
Strained relationships between family members
33
Talk about separate vs. equal how do you treat non farm heirs in estate planning – savings, stock, cash life insurance?If you decided to use life insurance as a way to compensate non farm heirs in transferring the farm. Do you have enough to pay off debt?When talk about life insurance – do you have enough to cover payment of debt owed and at least 1 -2 years of funds to hire someone to continue to operate the farm so farm will not have to be sold at fire sale prices
Tell story of Ray buying a Cadillac car as way to start the discussion on the need for two people to communicate
Tell story about Bob Smith being brought in to work with 86 year old lady who would not develop an estate plan to transfer property on 350 cow dairy farm to son who was 65 years old. This was a big farm in the early 1970’s. Farm had 0 debt which was incredible.Local extension agents could not get mother to develop and estate plan and transfer assets to the son. Mother remembered Bob Smith when he worked as a young extension agent in that county. Now Bob Smith was 65 and had taught at Cornell for a number of years and was considered a national expert in farm transition planning. All property was still in the mother’s name. Son took over the farm at 17 when the father died early. Father was a marginal manager but the son was a good manager who built the farm up. Bob told grand sons age 38 and 40 to go look for a job after they finished milking the next day because they did not own anything except their cars and why should they waste their life working on the farm like their dad and have nothing to show for it.Mother agreed to transfer real estate and assets to son and grand sons said “you young people want to talk everything away from us old people.”Talk about older generation telling younger generation that they could go ahead and make these changes on the farm but they might lose the farm. Older generation had seen the young make changes on other farms in the past and the farm went bankrupt. You can go ahead and make these changes but I hope that I will not be around to see the family farm that has been in the family for X years (long time) be sold off. Personality stylesRattlebrain – flighty, unstable, constantly changing mind, indecisive in their young years they were constantly changing jobs or majors in college since it took time to find themselves.Knot head or meat head – narrow minded, think that they know it all, will not listen to others who may have good ideas and or advice, will never change their ideas or the way of doing things
Tell story of Ray buying a Cadillac car as way to start the discussion on the need for two people to communicateSome families have each family member bring a resume or short synopsis of what is currently going on in that person’s and/or families lives – what is important in their lives***Do this because family members may have moved away at age 18 and now live in another part of country. Family members remember each other the way they were as children and not as adults Talk about Billy K can not manage a farm – buildings falling down –eve troughs coming off the house, not smart enough to replace furnace in old house to generate rental income, house needs to be cleaned with a fire hose that has disinfectant in it. This has taken place in 6 years since Aunt Cele died. Farmstead looks like a junk hole
Dicuss farm vs. e
Expense ratio today in the 80-84% range. PLC as a lender saw if expense ratio greater than 80% difficult to pay for FLE, service debt and replace capital items.For value added .65 expenses ratio ~$200,000 of income Farmers market is not the solution to generating higher farm income.Still have volume of crops to sell to pay the bills. How many pounds of tomatoes, squash, ears of corn we need to sell to generate 200K
On many farms when farm is sold to the younger generation. The younger generation still pays heat, electric bill to older generationLeasing do not generate enough money to pay FLETax consequences capital gain when they sell the farm.Bottom line what will they live on?
Talk about farmers have many times sacrificed to keep the farm operating and lived a substandard level of living. Shouldn’t they live like to rest of the people.As lender PLC gave copy of budget to borrowers to calculate FLE – much higher than expected PLC saw many FLE 35-40K without putting in value for housing, utilities, gasoline from the farm gas tank.
Emphasize how long will 600K last with various rates of return.Real rate of return is calculated after inflation.With today's interest rates (savings account) less than 1% actually going backwards with inflation since inflation first 5 month ~2.3% last 10 years ~2.5 %Some investment advisors project single digit returns for the next 10 years on the average before inflationSome investment advisor call last ten years the lost decade since portfolios did not increase in value look at major indices Dow and S&P 500 actually lost money at the end of the 10 year period by 1-3 % W/O taking into consideration inflation
Death, divorce, disabilityAll farms will be sold at some time we do not live forever. What is your plan?Who makes the decision to exit – producer or the doctorPLC purchased cattle at cheap prices in 1989 – young farmer told to sell cows ASAP because he had major health problems.Do you have cash to cover hiring someone to operate the farm if the farm owner dies or becomes disable. Maybe this happen 1 out of a large number. Do you want to be that one person. Contingency plan – Mark told Veronica to sell cows if he dies since Steve could not manage dairy herd must be told to do everything, sell crops in the field and then decide what she will do/