Estate Planning

Two men and boy stand in potato field — Learn essential strategies for role definition, effective communication, financial management, succession planning, and conflict resolution in this webinar, provided by the Center for Agricultural Profitability.

Managing Family Members on the Farm Webinar

November 7, 2024

In this webinar, UNL Agricultural Economist Anastasia Meyer emphasizes creating a shared vision and balancing family dynamics with business goals for sustained success on the farm.

Woman holds young boy on farm — Estate planning with life insurance can provide a fair inheritance for all heirs, keeping keep farm succession plans smooth and balanced for all family members.

Ideas for Estate and Transition Planning: Life Insurance Inheritance Equalization

October 24, 2024

Learn how farmers can use life insurance to divide assets between "on-farm" and "off-farm" heirs, ensuring a fair distribution of assets upon passing of the insured.

Youth on horse ropes cattle — Start a transition plan now for the next generation. (Photo by Natalie Jones, IANR Media)

Farm and Ranch Transition Planning Workshop Scheduled in Crawford

October 24, 2024

Extension's next Transition Planning workshop will assist farm and ranch families with strategies for developing estate and succession plans.

Two men look at paperwork near field — Always consult legal and financial professionals for structuring agreements for your estate.

Ideas for Estate and Transition Planning: Life Insurance Backed Buy-Sell Agreement

October 11, 2024

This article discusses how farm and ranch families can use a life insurance policy to ensure liquidity for on-farm heirs who must buy out siblings' shares upon a parent's death.

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.

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