By Scout Nelson
Nebraska agriculture is entering a critical phase. According to the latest USDA Census of Agriculture, around 60% of Nebraska producers are now over the age of 65. This trend has held steady since 2017 and shows that the majority of producers are nearing or already at retirement age.
Despite this, only about half of operations currently have up-to-date succession plans. A University of Nebraska-Lincoln survey revealed several reasons for this gap. Some producers never intend to retire, some lack a clear successor, and others are simply not ready to give up control of their operation.
Regardless of the reasons, estate and succession planning is vital. Without a plan in place, future uncertainties could lead to the loss of farmland or family operations. Proactive planning helps preserve legacies, protects assets, and guides the future of agriculture in Nebraska.
To begin the planning process, start with a clear understanding of your current operation. Ask yourself, “Where am I?” Make a list of assets and how they are managed. Then, think about your goals: “Where do I want to be?” Picture your operation’s future and define your long-term vision.
The final step is determining, “How do we get there?” At this stage, professional help from estate planners, financial advisors, and legal experts is important. Developing the initial plan may take time, but adjusting it later is much easier once the foundation is in place.
“Where am I? Where do I want to be? How do we get there?”
Estate planning is not a one-time event. It is a lifelong process that should be updated regularly to match changes in your operation and family. Taking the first step ensures Nebraska’s farms remain strong for future generations.
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Categories: Nebraska, General, Rural Lifestyle, Farm Safety