Workshops on business succession and estate planning for farm and ranch owners, families and beginners will be presented Jan. 25 at Bridgeport and Chadron.
The Bridgeport workshop will be 9 a.m. - 2:30 p.m. at the Prairie Winds Community Center. The Chadron workshop will be 5-8 p.m. at Chadron State College.
There is no charge. For more information or to register call the Rural Response Hotline at 1-800-464-0258.
These workshops will include a discussion of beginning farmer programs that can aid in succession planning. They should be useful for established farm and ranch owners, for their successors, and for beginners.
Topics include:
- stages of succession planning, contribution and compensation, and balancing the interests of on-farm and off-farm heirs;
- the importance of communication, setting goals, assessing feasibility, and balancing intergenerational expectations and needs;
- beginning farmer loan and tax credit programs;
- the use of trusts, wills, life estate deeds and business entities (such as the limited liability company) in family estate and business succession planning;
- legal tools for balancing the interests of successors and off-farm heirs;
- asset protection;
- taxation (federal transfer taxes, Nebraska inheritance tax, basis adjustment), and essential estate documents.
The workshops are made possible by the Nebraska Network for Beginning Farmers and Ranchers, the Farm and Ranch Project of Legal Aid of Nebraska, USDA-FSA, National Institute of Food and Agriculture, the Nebraska Department of Agriculture’s Next Gen, and Nebraska Extension. The Bridgeport meal is sponsored by Farmers State Bank of Bridgeport. The Chadron meal is sponsored by Farmers State Bank, Security First Bank, and First National Bank of Chadron.
