A close look at estate planning, retirement

Press, 26 September 1980, Page 17

A close look at estate planning, retirement

A pretty acute look at estate planning and retire-

.' ment is to be taken at a seminar which" will be ; held at the Waipara Hall

on the afternoon and evening of Monday, Octo- ; ber 13. The function has been organised by a committee' ; including the Ornihi

- branch of Federated Farmers, Mr Maurice Webb of: .? the Agricultural Training Council, and Mrs' Heather' Little, of Hawarden. The aim is to make - farmers ;ahd farmifig farrii- . lies aware\of the nee'd .to' 1 plan- fori" retirement. There will be an examination of the options ppen irt Estate planning and "some of the' personal problems which can occur on retirement will be revealed. Early registration for the seminar is recom-. mended as it is intended to limit the attendance to 120 applicants to facilitate the participation of those.

taking part in workshops .< for a part of the time. As •' well it is not intended, .to-. limit attendance to farm- ' ers. Farmers’ wives will, be specially welcome and '. also professional people associated with the farm- ■ ing industry like lawyers, .. accountants and • farm advisers. •’ The idea of the seminar

has sprung from a group of young farmers conscious of the problems of farming income not keeping pace with the increase in land values, and the mounting problem of a person retaining a farm for his heirs but at the same time providing sufficient personal assets for retirement. - The seminar will look .at problems involved in estate planning and provide

some methods by which they mgy be overcome or at least reduced. It will stress the need to plan for distribution of assets, financial security and personal satisfaction in later life involving changes in

work load, hobbies and the importance of other interests outside the farm in a changing life style. The keynote address will be given by the Depu-ty-Leader of the Labour Party, Mr David Lange, who is delaying his departure for Australia to fulfil an engagement at the seminar. He will be speaking about “Agricultural Policy” as viewed by the Opposition and is expected to look at present trends in agriculture, likely movements in the future and the importance of the industry in the future, and also his party’s plans for farming in relation to estate planning. The seminar will then move into a technical session on options open in estate planning. It will be chaired by Mr Pat McGloin, who is a farmer and farm adviser, and there will be a panel of speakers who have been chosen because they are professionally involved in estate planning and who are conscious of the difficulties in relinquishing ownership and management. They are Mr Neville Young, a lawyer; Mr Pita Alexander, a farm accountant; Mr Jim Allan, an insurance consultant; and Mr Tony Whatman, a farm advisory officer.

A panel discussion will follow with questions from the floor.

After afternoon tea the seminar will be divided into five workshops when it is hoped that all will take part in five different but related case studies. The same financial detail and family structure will apply to each group, and it is expected that having heard from the planning and economic experts some “hard nosed judgements” will emerge based on realistic situations. The reporters from each group — three women and two men — will report to the seminar immediately after the.' evening meal. s Thereafter- 'the focus will be on the. personal; side of •estate: ; pjanfiing -T— what happens ) to- the individual — and under the chairmanship of Mrs spittle a . hutpbeiS’of people ... will, give?their personal state-* ments.'?' S'?",■/' i.

’• Mr lan Little will -give- ■; the view of a farmer.AvhQ has reduced his. level pf active management of the farm but has remained on j the property living a relatively separate life. .’. Mrs Margot Burbury <Will be presenting the ir ipjz ■’ porting on the ' abfibn of

she and her husband in leaving the farm to seek a new life in a rural town. Mrs Ruth Mclntosh has had a different life thrust on her as a result of the untimely death of her husband and is managing the farm until her children can take over. And finally there is Mr Rod Ensor, from the Rakaia Gorge, who has transferred his interest in wool and handcraft to his ■new small property at Duvauchelle. Then the Rev. Hugh Patterson will bring together the opinions and views of the various speakers and draw from them and his own experience to provide a few ground rules and advice for estate planning. Those who'. -,wish to apply to take part in this comprehensive . exercise; ; should address 'their • appli-' .cation to : Mir?. 'Richard' Forbes,. P. O. Box 7, Wai-,' para, together with $l5 .which will cover afternoon’ 'tea, dinner and supper. Mr. Forbes is the chairman of f the Omihi Branch of’Fed-j ■erated Farmers; The clos--ing date for applications is October 6. To allow others who cannot take part person-: '.ally to •.also benefit from 'the deliberations a proceedings of, some" sort may eventually be published.