Farm Succession

Barbwire fence near pasture — The Beginning Farmer and Rancher workshops offer valuable insight for individuals who are preparing to take over a family farm or ranch, or start a new venture in agriculture. (Photo by Chabella Guzman)

Beginning Farmer and Rancher Workshop Offered in Valentine

September 26, 2024

This workshop is perfect for young farmers, ranchers and anyone interested in understanding their role in family operations.

Family members stand together near vehicle — Life insurance can be a key tool for farm and ranch businesses to provide tax-free death benefits at the death of the insured if the policy is structured correctly. (CAP photo)

Ideas for Estate and Transition Planning: Life Insurance for Debt Coverage

September 26, 2024

This article highlights the importance of life insurance for farmers and ranchers in estate planning to cover debt, ensuring liabilities are paid off upon death.

Man and woman walk with children in field — Farm families can use life insurance as part of estate and transition planning to ensure financial security and smooth business succession for future generations.

Ideas for Estate and Transition Planning: Life Insurance

September 20, 2024

Life insurance can be a valuable tool for farm families, offering tax-free death benefits if structured properly. This article outlines the types of life insurance and their roles in debt coverage, estate equalization and income replacement.

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.

Field of tassel corn — Attendees of this workshop will have the chance to get their leasing questions answered by experts. See details below. (Submitted photo)

Extension Ag Land Management, Leasing Workshops to Cover Leasing Practices, Succession

August 15, 2024

A series of workshops throughout August and early September will equip landlords, tenants, and other stakeholders with valuable knowledge and tools for managing agricultural leases and planning for the future.

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.

Family riding horses through pasture — A recent book by Morgan Housel has relatable tips for farm and ranch families in finding balance in autonomy, wealth, and happiness. (Photo by Natalie Jones)

Recent Reads: The Psychology of Money

August 1, 2024

Insights on navigating the complexities of personal finance for multi-general farms and ranches.

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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