Workshop
Time:
How to Transition Your Farm or Ranch to the Next Generation
Date:
10:00 am –
2:00 pm
Broken Bow Fairgrounds Room: 4-H Building
Target Audiences:
44100 Memorial Dr
Broken Bow NE 68822
Broken Bow NE 68822
Contact:
Bethany Johnston, Livestock Systems Educator, bjohnston3@unl.edu
What happens if your family’s ranching or farming operation is unable to transfer to the next generation? Now is the time to start (or finish) your transition! On February 26 & 27 workshops will be held at Broken Bow and Burwell to help families navigate the common landmines including legal, financial, and communication issues.
The aim of the program is to provide reliable information to assist families to put together succession plans, or review their existing plans. Experienced experts will cover issues around agriculture law, management, finance, and communication.
Joe Hawbaker, estate planning attorney, will also cover tools for long term viability of the ranch. There are a variety of tools, such as business entities, options, lease rights, preemptive rights and buy-sell agreements, that could help your transition go smoothly.
Transition of the land is important, but farmers and ranchers should work to transition the business as well. Dave Goeller, financial planner and retired Nebraska Extension transition specialist, will cover succession versus equality, and compensation versus contribution. Many families struggle to split assets fairly between on-farm and off-farm heirs, while continuing the farm/ranch as a business. Goeller will discuss the “family” side and what to consider when dividing assets.
Following the workshops at Broken Bow and Burwell, participants can discuss their individual operations at one-on-one confidential consultations with Hawbaker and Goeller through Nebraska’s Rural Response Hotline’s free monthly clinics.
This program walks you through the confusing process of estate planning free of charge. Registration is appreciated for a meal count one week prior, but walk-ins are welcome! Register by calling the Rural Response Hotline at 1-800-464-0258 or call the local Extension Office (Broken Bow 308-872-6831 or Burwell 308-346-4200).
Workshops are hosted by Legal Aid of Nebraska and Nebraska Extension. Thanks to Pathway Bank, Heartland Bank, and Farm Credit Services of America for their sponsorship.
The aim of the program is to provide reliable information to assist families to put together succession plans, or review their existing plans. Experienced experts will cover issues around agriculture law, management, finance, and communication.
Joe Hawbaker, estate planning attorney, will also cover tools for long term viability of the ranch. There are a variety of tools, such as business entities, options, lease rights, preemptive rights and buy-sell agreements, that could help your transition go smoothly.
Transition of the land is important, but farmers and ranchers should work to transition the business as well. Dave Goeller, financial planner and retired Nebraska Extension transition specialist, will cover succession versus equality, and compensation versus contribution. Many families struggle to split assets fairly between on-farm and off-farm heirs, while continuing the farm/ranch as a business. Goeller will discuss the “family” side and what to consider when dividing assets.
Following the workshops at Broken Bow and Burwell, participants can discuss their individual operations at one-on-one confidential consultations with Hawbaker and Goeller through Nebraska’s Rural Response Hotline’s free monthly clinics.
This program walks you through the confusing process of estate planning free of charge. Registration is appreciated for a meal count one week prior, but walk-ins are welcome! Register by calling the Rural Response Hotline at 1-800-464-0258 or call the local Extension Office (Broken Bow 308-872-6831 or Burwell 308-346-4200).
Workshops are hosted by Legal Aid of Nebraska and Nebraska Extension. Thanks to Pathway Bank, Heartland Bank, and Farm Credit Services of America for their sponsorship.
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This event originated in Nebraska Extension - Holt-Boyd Counties.