Navigating farm succession - free Nebraska workshops

By Scout Nelson

The Nebraska Rural Response Hotline is spearheading a crucial initiative by offering free workshops aimed at assisting farm and ranch families in navigating the complexities of succession planning.  These workshops, a collaboration with the Nebraska Department of Agriculture and Legal Aid of Nebraska, are pivotal for families looking to establish or refine their business succession strategies.  

Joe Hawbaker, an agricultural law attorney, and Dave Goeller, a retired extension farm transition specialist, will provide expert sessions on succession and estate planning, tax implications, and financial and management issues in family farm dynamics, focusing on legal aspects and tax implications.  

The workshops are meticulously planned to cover a broad spectrum of topics vital for effective succession planning. These include: 

• Basic estate and succession planning tools, considerations, and decisions. 
• The role and use of business entities in farm and ranch succession. 
• Finance and management issues specific to succession planning. 
• Transfer, death, and other tax issues, with a focus on the portability election. 
• Understanding and navigating options like buy-sell agreements, leases, and preemptive rights. 

The events are scheduled to take place on: 

• Wednesday, Jan. 24, from 10 a.m. to 2 p.m. at the Village Auditorium in Stuart, Nebraska, with lunch sponsored by Tri-County Bank. 
• Thursday, Jan. 25, from 10 a.m. to 2 p.m. at the Old Brick Palace in Greeley, Nebraska, with lunch sponsored by Henderson State Bank. 

These workshops offer an invaluable opportunity for public attendance, especially for current and aspiring farm and ranch families. They present a chance not only to gain critical knowledge but also to network with peers and professionals.  

For those interested in attending, registrations and inquiries can be made by calling the Hotline at 1-800-464-0258. 

The organizers of workshops aim to strengthen Nebraska's agricultural backbone, ensuring successful transition of farm and ranch operations for future generations, demonstrating commitment to sustainable practices. 

Photo Credit - nebraska-department-of-ag