Estate Planning

Aerial view of farmland — Farmers and ranchers should work closely with estate planning professionals to structure their estates in a way that leverages stepped-up basis, ensuring that the transition to the next generation is as financially efficient as possible. (CAP photo)

Estate Planning: Stepped-up Tax Basis

August 23, 2024

The stepped-up basis provision is particularly advantageous in estate planning for farmers and ranchers due to the significant appreciation of agricultural assets over time. Learn more in this article from extension.

Family standing beside fence — Farm families who decide to gift a portion of the business to heirs should weigh the options carefully — gifting shares during life may reduce the donor's tax liability but could also lower their income, whereas transferring ownership at death allows heirs to benefit from a step-up in the asset's tax basis, potentially reducing capital gains taxes. (CAP photo)

Ideas for Estate and Transition Planning: Gifting Ownership

August 14, 2024

The next installment of a series on bringing family members into an agricultural operation, this article focuses on the pros and cons of gifting shares of a business during the donor's life versus at their death.

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.

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.

Farm family walking in field — Two upcoming land management webinars will include information tailored to different regions of the state — March 27 will be more relevant to western and central Nebraska residents, and March 28 will be for eastern Nebraska residents. (CAP photo)

Land and Leasing Webinars to Cover Cash Rents, Landlord-tenant Issues for 2024

March 15, 2024

Two upcoming workshops will review a wide variety of land management concerns for Nebraska producers, from land value trends and cash rents to creating estate plans.

Couple and son laughing on farm beside tractor — Throughout each Center for Agricultural Profitability Returning to the Farm workshop, participants receive help from experts in developing estate and transition plans, setting personal and professional goals and improving the communication process between family members.

Returning to the Farm Workshops Set for March 8-9 in Kearney

February 15, 2024

This workshop series assists families and agricultural operations with developing financial plans and successful working arrangements to meet their unique needs.

Center pivot system in snowy field — Snow covers the landscape around a center pivot and bales of hay. (Photo by Chabella Guzman)

Farm and Ranch Estate and Transition Planning Workshops in Rushville, Chadron, Scottsbluff

January 18, 2024

Following a presentation that will assist producers with creating an estate plan, the workshops will feature a Q&A session with an attorney or panel of estate planning professionals.

Man and son on farm — The upcoming farm succession workshops are sponsored by the Nebraska Rural Response Hotline, Nebraska Department of Agriculture Beginning Farm Tax Credit and Negotiations programs, the Farm and Ranch Project of Legal Aid of Nebraska, and the Nebraska Farmers Union Foundation.

Free Farm Succession Workshops Set for Jan. 24-25

January 4, 2024

Hosted in Stuart and Greeley, the workshops will cover basic estate and succession planning to assist farm and ranch families in creating or reviewing their plans.

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