By Scout Nelson
What occurs if a family's ranching or farming business is not able to be transferred to the following generation? Workshops in O'Neill and Hartington, Nebraska, are planned for November 12 and 13 to address this important problem. These workshops are designed to assist families in navigating the legal, financial, and communicative facets of succession planning.
The program's primary goal is to provide reliable information to assist families in creating or reviewing their succession plans. Experienced experts will lead discussions on various topics, including agriculture law, management strategies, finance, and effective communication.
Anxiety about the future can hinder successful transitions. Farmers and ranchers will learn how to address common concerns, such as: What if I don’t have a written lease? What happens if there is no will? What if the on-farm heir needs to buy out siblings? What if the older generation requires long-term care? What if I must pay taxes?
Joe Hawbaker, an estate planning attorney, will discuss tools that can ensure the long-term viability of the ranch, such as business entities, lease rights, options, preemptive rights, and buy-sell agreements. These tools can facilitate a smoother transition.
While transitioning land is crucial, it’s equally important to address the business aspect. Financial planner Dave Goeller will discuss the differences between succession and equality, as well as compensation versus contribution.
Many families struggle with dividing assets between on-farm and off-farm heirs while maintaining the farm or ranch as a viable business. Goeller will share insights on managing the “family” side of asset division.
After the workshops, participants can have one-on-one confidential consultations with Hawbaker and Goeller through Nebraska’s Rural Response Hotline’s free monthly clinics.
Workshop Dates and Locations:
Nov 12: O’Neill, Holt County Annex Building, 128 N 6th Street, 10 a.m.-2 p.m. CT
Nov 13: Hartington, City Auditorium, 101 N Broadway Avenue, 10 a.m.-2 p.m. CT
Registration is encouraged for meal planning, but walk-ins are welcome! To register, call the Rural Response Hotline at 1-800-464-0258 or visit Nebraska Grazing Lands Coalition.
This program is hosted by the Nebraska Grazing Lands Coalition, Legal Aid of Nebraska, and Nebraska Extension, with support from Tri County Banks and funding from a NFWF grant.
For assistance with the financial burden of planning for the next generation, the Nebraska Grazing Lands Coalition offers scholarships for estate planning fees, mediator fees, and other expenses. For more details, visit Program Assistance.
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Categories: Nebraska, Business, General