Often, the risk of failure for a farm caused by the unexpected death or disability of a young person is much greater than the loss of an older member. In this article, learn more about the key components of creating an estate plan for young producers.
One of the hardest things to do is talk about finances — in this new webinar, Nebraska Extension Educator Jessica Groskopf helps farm owners and heir generations learn how to discuss operational finances while planning a succession.
The Nebraska Rural Response Hotline is hosting three workshops in December that will help producers build business succession plans and better understand certain tax measures, such as inheritance tax and federal transfer tax.
Tina Barrett, director of Nebraska Farm Business, Inc., reviews the federal estate and transfer tax law proposals submitted to Congress this year that would dramatically change the tax implications for many farm businesses.
A major consideration in estate planning is the transfer of assets to the next generation. Using step-up in basis can allow for the sale of long-held farm ground that appreciated in value, with little to no capital gain issues.
A new series of Nebraska Extension farm/ranch transition workshops is designed for the "sandwich generation," the one falling between retiring grandparents and the grandchildren who may or may not be interested in returning to the operation. The workshops will cover family communication and financial and legal aspects.