What happens if your family’s ranching or farming operation is unable to transfer to the next generation? Now is the time to start (or finish) your transition! On November 12 and 13, workshops will be held at O’Neill and Hartington to help families navigate the common landmines including legal, financial, and communication issues.
The aim of the program is to provide reliable information to assist families to put together succession plans, or review their existing plans. Experienced experts will cover issues around agriculture law, management, finance, and communication.
Anxiety and the “what ifs” can immobilize transition. Farmers and ranchers will understand the consequences of the “what ifs” and how to avoid them. Some examples include: What if I don’t have a written lease; what happens if there is no will; what if the on-farm heir(s) needs to buy out siblings; what if the older generation need long term care; what if I must pay taxes?
Joe Hawbaker, estate planning attorney, will also cover tools for long term viability of the ranch. There are a variety of tools, such as business entities, options, lease rights, preemptive rights and buy-sell agreements, that could help your transition go smoothly.
Transition of the land is important, but farmers and ranchers should work to transition the business as well. Dave Goeller, financial planner and retired Nebraska Extension transition specialist, will cover succession versus equality, and compensation versus contribution. Many families struggle to split assets fairly between on-farm and off-farm heirs, while continuing the farm/ranch as a business. Goeller will discuss the “family” side and what to consider when dividing assets.
Following the workshops at O’Neill and Hartington, participants can discuss their individual operations at one-on-one confidential consultations with Hawbaker and Goeller through Nebraska’s Rural Response Hotline’s free monthly clinics.
Below are workshop dates and locations.
Nov 12: O’Neill: Holt County Annex Building, 128 N 6th Street, 10 a.m.-2 p.m. CT;
Nov 13, Hartington: City Auditorium, 101 N Broadway Avenue, 10 a.m. – 2 p.m. CT.
Sign up today! This program walks you through the confusing process of estate planning free of charge. Registration is appreciated for a meal count, but walk-ins are welcome! Register by calling the Rural Response Hotline at 1-800-464-0258 or visit https://nebraskagrazinglands.org .
Workshops are hosted by the Nebraska Grazing Lands Coalition, Legal Aid of Nebraska, and Nebraska Extension. Thanks to Tri County Banks and Farmers Union Foundation for their sponsorship. Funding for this project was provided by a NFWF grant.
If you need help with the financial burden of planning for the next generation, the Nebraska Grazing Lands Coalition has assistance. Apply for a scholarship to help with estate planning fees, mediator fees, or other expenses. For more information, go to https://nebraskagrazinglands.org/Programs/Program-Assistance .