Jessica Groskopf - Extension Educator for Agricultural Economics

Jessica Groskopf

faculty, volunteer
Work
4502 Ave I Scottsbluff NE 69361-4939
US

icon-academic-capEducation

  • BS, Colorado State University, 2010
  • MS, Kansas State University, 2011

Faculty Bio

Man speaks to older couple near vehicles and farm equipment
While land, machinery and equipment are the most logical options, any physical asset used on your farm or ranch could be considered in a gift leaseback for family members looking to join the operation. (CAP photo)

Ideas for Estate and Transition Planning: Gift Leaseback

May 23, 2024
Continuing a series on ideas and tactics for bringing another family member into the operation, this extension article expands on strategies to transfer wealth by combining gifts with a lease agreement.

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Man and woman speaking near tractor
Successfully bringing additional family members into an ag operation may require some creativity, as all parties need to maintain a viable standard of living. Gifting assets is one strategy for compensating the next generation on the farm or ranch.

Ideas for Estate and Transition Planning: Gifting

April 24, 2024
Gifting assets, such as equipment, livestock, land, or shares of an entity, is one of several ways to compensate family members in an operation, but it requires careful consideration of the guidelines.

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Two farmers conversing near farm equipment
Housing, insurance and vehicles can provide another form of compensation for returning farm or ranch family members. However, it's best for all family members in the operation to get non-monetary compensation in writing before any official employment begins.

Paying Family Members on the Farm or Ranch

February 29, 2024
This is the first in a series of Center for Agricultural Profitability articles that will highlight ideas and tactics for successfully bringing another family member into the operation.

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Man filling out tax forms at desk
For farmers and ranchers, having investments like a retirement account can help mitigate risk. Often, retirement funds grow at a higher rate than inflation, protecting a person’s purchasing power later in life.

One-Participant 401(k): Saving for Retirement and Reducing Taxes

January 31, 2024
Insights on saving for retirement and reducing tax liability for self-employed farmers and ranchers.

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Phone displaying IRS website and cash money
According to USDA, only 40% of farm households participate in some type of retirement account.

One-Participant 401(k) as a Tool for Farmers and Ranchers

January 31, 2024
Center for Ag Profitability experts review features of the One-Participant 401(k), which helps self-employed individuals and their spouses save money for retirement and reduce taxable income.

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Farmer inside of tractor cab
Incorporating the possibility of disability into your estate plan requires professional legal assistance, so it's critical to discuss these issues with your attorney and financial advisor as part of the process. (Center for Ag Profitability photo)

What Happens to Your Farm or Ranch if You Become Disabled?

December 14, 2023
Labor contingency plans, emergency funds, buy-sell agreements, insurance — there's many factors to consider when preparing for a potential disability on the farm. Read this article for more on what to expect of the process.

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Farmers in field
Regardless of the type of lease — written, verbal, or even multiple year — the landlord should have clear communication with the tenant. You can avoid any miscommunication or pitfalls by sending a termination notice before Sept. 1, even for written leases.

Terminating a Verbal Farmland Lease in Nebraska

August 10, 2023
The most common legal issue associated with verbal farm leases is how a lease may legally be terminated. In this article, Nebraska Extension shares recommendations and deadlines for clearly communicating lease changes or termination.

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Financial papers and calculator
By entering the total purchase amount, down payment amount, annual interest rate (APR), duration in years, and the starting year of the loan, users can quickly and easily review the entire repayment schedule of a new loan.

CAP Launches New Loan Payment Calculator Tool

June 15, 2023
The new web-based calculator allows users to estimate a loan repayment schedule for a new loan and compare different loan terms, such as changes in the amount of the down payment, annual interest rates, or loan length.

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