Farm Succession

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.

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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.

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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.

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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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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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Farm family walking in field
Two upcoming land management webinars will include information tailored to different regions of the state — March 27 will be more relevant to western and central Nebraska residents, and March 28 will be for eastern Nebraska residents. (CAP photo)

Land and Leasing Webinars to Cover Cash Rents, Landlord-tenant Issues for 2024

March 15, 2024
Two upcoming workshops will review a wide variety of land management concerns for Nebraska producers, from land value trends and cash rents to creating estate plans.

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Two farmers conversing near farm equipment
Housing, insurance and vehicles can provide another form of compensation for returning farm or ranch family members. However, it's best for all family members in the operation to get non-monetary compensation in writing before any official employment begins.

Paying Family Members on the Farm or Ranch

February 29, 2024
This is the first in a series of Center for Agricultural Profitability articles that will highlight ideas and tactics for successfully bringing another family member into the operation.

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Couple and son laughing on farm beside tractor
Throughout each Center for Agricultural Profitability Returning to the Farm workshop, participants receive help from experts in developing estate and transition plans, setting personal and professional goals and improving the communication process between family members.

Returning to the Farm Workshops Set for March 8-9 in Kearney

February 15, 2024
This workshop series assists families and agricultural operations with developing financial plans and successful working arrangements to meet their unique needs.

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