Passing it On

Lucy Pauley, Alan Schroeder, Cole Ehmke and Carolyn Paseneaux

The information and worksheets in this publication will help you get started on creating a plan for transferring your estate. We had in mind helping Wyoming agricultural operations transition to the next generation, but the techniques and tools can be used by small businesses and individuals. To make it easier for you to access and reuse the worksheets discussed in this publication we have provided them and an Excel® spreadsheet for creating a personal financial statement.

We encourage you to begin conversations on the future of your family business early, and to revisit the goals you agree to and the documents you create regularly. Having regular discussions about the future of the operation before the senior generation starts planning their estate will make transfer decisions easier.

We’re happy to answer questions and to talk with you or your group. Note that some legal information, especially on the federal estate tax, is no longer current due to changes created in the Tax Cuts and Jobs Act of 2017.

Chapter 1: Introduction by Lucy Pauley

Chapter 2: Success Stories

Chapter 3: Establishing an Estate Plan for Your Family’s Farm or Ranch Business - Initiating the Dialogue by Alan Schroeder

Chapter 4: Developing Common Goals by Cole Ehmke

Chapter 5: Taking Stock of the Estate by Cole Ehmke
Personal Financial Statement (Excel Spreadsheet)

Chapter 6: Succession Planning

Chapter 7: Tools (all topics)

• Introduction
• Wills by Carolyn Paseneaux
• Probate by Carolyn Paseneaux
• What Everyone Should Know about Trusts by Randall W. McKee
• Gifting by Douglas R. McLaughlin
• Effects of Title Ownership of Property by Carolyn Paseneaux
• Annuities by Douglas R. McLaughlin
• The Federal Estate Tax by C. Timothy Lindstrom
• Save Estate Taxes and Save your Ranch: How a Conservation Easement Can Help by Pamela Dewell and C. Timothy Lindstrom
• Life Insurance by Frank Kelly
• Long-term Care by Christine Schinzel
• Advanced Health Care Directive by Carolyn Paseneaux
• How to Select a Professional Advisor by Christine Schinzel
• Who Gets My Personal Stuff? By Bill Taylor
• Funeral Planning by Christine Schinzel
• Glossary

Chapter 8: Coming to a Good Agreement Regarding an Estate Plan for your Family’s Farm or Ranch by Alan Schroeder

Chapter 9: Resources - Planning Professionals, Real Estate Appraisers, Additional Resources

Passing It On - Progress Checklist

Further Resources

• A listing of UW Extension resources on succession and estate planning. https://www.uwyo.edu/agecon/what-we-do/programs/succession-planning.html
• Planning Ahead, Difficult Decisions is an 11-part series on many aspects of estate planning in Wyoming: Protecting - Financial Literacy

The handbook is a publication of the Wyoming Agriculture & Natural Resource Mediation Program in conjunction with University of Wyoming Extension.

The Passing It On resource guide is intended to provide general information on estate and succession planning. It is not intended to substitute for competent legal advice.

Primary Author Profiles

Lucy Pauley is the Coordinator of the Wyoming Agriculture and Natural Resource Mediation Program, which is based in the Wyoming Department of Agriculture. The program provides mediation, technical review teams (TRT’s) and other alternative dispute resolution services for individuals and organizations involved in a wide variety of conflicts including farm credit, grazing permits, split estate disputes, and estate planning. Lucy can be reached at (307) 777-8788 or toll free 1-888-996-9278. Her mailing address is 2219 Carey Avenue, Cheyenne, WY 82002-0100, email: Lucy Pauley

Cole Ehmke was an Extension Specialist with the University of Wyoming’s Extension. His work covers personal resource management topics as well as agricultural entrepreneurship.