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.
A rancher once told me, “No one has the right to automatically inherit a family ranch… but everyone has the right to know what is going on.”
Are you that person who is wondering what is going on? Passing a farm or ranch on to the next generation is a tough job, especially if the next generation is unsure of what will happen when their parents pass.