Running a farm or ranch is a complex job. Amidst the day-to-day care of crops or livestock, time is spent planning for purchases, production, and marketing. Planning plays a crucial role in the livelihood of an operation and preparing for the future succession of assets should be a continuation of the planning process. But unfortunately, future transition is sometimes overlooked or takes the backburner to the more immediate demands farmers and ranchers face.

“I wish I would have started sooner,” is a shared comment heard from past participants of an upcoming Ag Land Transition/ Estate Planning Workshop hosted by Nebraska Extension. No one sets out to intentionally jeopardize the financial stability of the future of their farm or ranch, but could unknowingly be doing so by not having an appropriate plan in place. Participants also stated that the workshop helped them realize the importance of making their wishes known so the legacy of their farms and ranches can be passed to the individuals or entities intended.

The March 15 workshop is at the University of Nebraska Eastern Nebraska Research and Extension Center near Mead from 9:30 a.m. – 3:30 p.m. Registration begins at 9 a.m. The workshop is designed for existing and/or entering parties involved with the farm or ranch.

Participants will learn from presentations and discussion on the decisions and situations that should be addressed when thinking about how a farm or ranch estate will be transitioned. Topics include: the need for planning, proper family communications, who makes the decisions, concept of fair versus equal, preparing to meet with an attorney, and much more. Basic information will be provided to those who haven’t started to think about their succession or transition plan for their assets.

An ag attorney will provide the basics of what is needed to start planning wills, trusts, and other end of life documents that need to be in order. The objective is to start the process of having the farm succession or transition planned.

Insurance for estate planning will be discussed, including how insurance products can be used to help with succession and transition planning. The use of long-term care insurance and where it fits will also be included.
Allan Vyhnalek, Nebraska Extension Educator for Farm Succession will present. He was recently assigned to the University of Nebraska–Lincoln Ag Economics Department to work on farm and ranch succession and transition. Omaha-based attorney, Joe Hawbaker, will provide the legal presentation. He has worked with farmers for over 30 years and will cover the legal aspects of end of life decision making. Mike Neben will speak on the insurance-related topics. Neben is from Lincoln and is the CEO of Unified Legacy Advisors.

The $15 per person registration fee (payable in advance or at the door) for this workshop includes meal, handouts, and presentations. Pre-register online at: https://enrec.unl.edu/registration by March 12 to ensure that enough supplies and food are available. For more information, contact Nebraska Extension at (402) 624-8030, (800) 529-8030, or e-mail Keith Glewen at kglewen1@unl.edu.

Extension is in the university’s Institute of Agriculture and Natural Resources.