By Scout Nelson
The University of Nebraska–Lincoln’s Center for Agricultural Profitability has launched new tools designed to help farmers and ranchers without a family heir navigate succession planning. These resources aim to assist producers in securing the future of their operations even without direct family successors.
A series of informational articles highlights practical steps for creating a succession plan. Written by an agricultural economist with Nebraska Extension, the series outlines how farmers can manage the emotional and legal challenges of planning their operation’s future without family involvement.
“While the absence (of a family member) can simplify parts of estate planning, it often creates deeper, more emotional challenges — especially when legacy and identity are tied to the land,” the article noted.
A special webinar titled “Succession Planning Without a Family Heir” will be held on July 17 at noon. The session will cover goal setting, essential documents, choosing advisers, and building a practical, legally sound succession plan. Registration is open online, and all sessions are recorded for later viewing. More webinars on this topic are planned, focusing on legal and tax tools.
“It gets really complicated really quickly, so breaking down the information into smaller chunks makes it easier to digest,” the expert explained.
Recent discussions with producers have shown that many do not have a succession plan, often due to the absence of an interested heir. Data from the USDA supports this trend, revealing that 37% of Nebraska’s producers are 65 or older, and the average age of U.S. producers is 58.
The Center’s team, trained by the International Farm Transition Network, works with producers to offer tailored succession advice. They also encourage producers to expand their resources further.
Photo Credit:nebraska-extenstion
Categories: Nebraska, Education, Rural Lifestyle, Farm Safety