Workshop designed to help pass farms to next generation

Farmers and ranchers are invited to attend a free workshop on business succession and estate planning for land owners, families and beginners.

The workshop is 9:30 a.m. to 2:30 p.m. on Feb. 9 at the West Central Research and Extension in North Platte. Lunch will be provided. To register and for more information, call the Rural Response Hotline at (800) 464-0258 or the Extension office at (308) 532-2683.

Workshop participants will discuss farm and ranch business succession, family estate planning and beginning farmer programs. It is intended to be useful for established farm and ranch owners, for their successors and for beginners.

Topics include the stages of succession planning, contribution and compensation, balancing the interests of on-farm and off-farm heirs; the importance of communication, setting goals, analyzing cash flow and balancing intergenerational expectations and needs; beginning farmer loan and tax credit programs; the use of trusts, wills, life estate deeds and business entities such as the limited liability company in family estate and business succession planning; buy-sell agreements, asset protection, taxation (federal transfer taxes, Nebraska inheritance tax, basis adjustment); and essential estate documents.

Dave Goeller, deputy director of Northeast Center for Risk Management Education at the University of Nebraska-Lincoln, and Joe Hawbaker, agricultural law attorney with Hawbaker Law Office in Omaha will lead discussion.

This workshop is made possible by the Nebraska Network for Beginning Farmers & Ranchers, the Farm and Ranch Project of Legal Aid of Nebraska, National Institute of Food and Agriculture, the Nebraska Department of Agriculture’s Next Gen and West Central Research and Extension Center. The meal will be sponsored.