Inaction or failing to plan and communicate your wishes for transitioning your farm estate can create unnecessary and unexpected problems for the next generation. Here's what one family faced after the passing of their parents and what might have been done differently.
Those who have inherited farmland or may do so in the future are encouraged to register for a two-part online webinar “So You’ve Inherited a Farm, Now What?” Offered by Nebraska Extension, the webinars will be held in the evenings of Feb. 19 and 26.
If you've inherited or received farmland and want to learn some of the best strategies for managing it as an asset, get key information at a Nebraska Extension program being hosted at several sites this fall.
Nebraska farmers and ranchers are invited to take a confidential, online survey about their farm or ranch succession plans. Responses will be used to design educational materials, a website, and develop programs specific to Nebraska producers.
A 2013 tax law change–the portability rule–can simplify farm and ranch estate planning. Farm and ranch families still need to do estate planning to develop and implement farm or ranch business transition plans so that the farm or ranch can continue to be successfully operated by the next generation. This Q&A addresses a number of questions.
Farm and ranch business succession and estate planning will be the focus of workshops in St. Paul and Beatrice. The free workshops will be from 10 a.m. to 2:30 p.m. at the St. Paul Civic Center Feb. 23 and the Extension Office at the Gage County Fairgrounds March 1.