(765) 470-7090 polly@dobbslegal.com

Polly Dobbs Chosen to Speak at Farm Journal Legacy Project Conference

December 2-3, 2014 The Farm Journal Legacy Project will be hosting their annual Conference on December 2-3 in Kansas City, MO, offering farming families an opportunity to dive deep into the logistics of creating a sound succession plan. Several experts, including attorney Polly Dobbs, will provide information, insight and answer questions about how to take inventory of a family’s current situation, specific legal and tax tools, how to resolve conflict and pass on your family’s legacy. Polly has a passion for helping family farms achieve a smooth transition when it comes to succession planning. As part of a seven-generation farm family, she understands the unique issues facing farmers and works to promote family harmony. You will have three opportunities to see Polly at this year’s conference: BREAKOUT SESSIONS Tuesday, 12/2, 4:30 p.m. – 5:15 p.m. or Wednesday, 12/3: 1:15 p.m – 1:55 p.m. “Who Gets What?!” GENERAL SESSION Wednesday, 12/3, 10:15 a.m. – 11:00 a.m. “Fair Does Not Mean Equal – Strategies for Family Farm Transitions” Click here to see the complete conference agenda. The Farm Journal Legacy Project strives to address the succession planning needs of American farm families. They provide hands-on workshops; specific training and online tools; editorial coverage in various farming publications; a monthly television show; a weekly eNewsletter and more, all of which cultivates multigenerational success in the agricultural community. Click here to register for the conference. If you are unable to attend but would like to discuss your own personal succession planning needs with Polly, go...

Leave A Legacy: Navigate the Legal Side of Succession Planning

Estate planning is important for all families and business owners, but it is crucial for farm families. A solid basic estate plan serves as the foundation for a farm succession plan. Estate planning isn’t for someone older or someone richer; it’s for you. To start, put in place your “not dead yet documents.” These can range from a general durable power of attorney to a living will to a trust. These documents are vital to create a complete plan and prevent unneeded stress on your family members. Plan to meet your goals as they are today. Then, dust off the plan every five years or so (or if there is a change in assets, relationships or the law) to make sure your plan still achieves those goals. Power of attorney: To sign a power of attorney means you give someone else the authority to act on your behalf in the event you become incapacitated, or you can choose to give someone authority to act on your behalf the moment you sign the document, for convenience purposes. You might also wish to have two separate powers of attorney—one giving authority to a business partner to make decisions concerning your farm operation and one naming a spouse or family member to handle your personal finances. It’s also important to sign a document setting the order of priority among the family members you would want to make your healthcare decisions if you become unable to speak to your doctor and make your own decisions. Living will declaration: This document states your intent that under certain circumstances you wish for medical procedures to...