What happens if your family’s ranching or farming operation is unable to transfer to the next generation? On February 26 & 27 workshops will be held at Broken Bow and Burwell 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 needs 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 Broken Bow and Burwell, 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.
Workshop dates and locations:
Feb 26: Broken Bow, 4-H Building at Fairgrounds, 10 a.m.-2 p.m. CT.
Feb 27: Burwell, Legion Hall, 10 a.m. – 2 p.m. CT.
