Risk has always been a part of agriculture. One of the riskiest, most stressful, and ignored issues of critical importance to ranch and farm families is estate or transition planning. For this reason, the Colorado Agri-Women and the Nebraska Rural Response Hotline are jointly hosting a workshop on farm and ranch business succession and estate planning on Saturday, January 28, 2017 in Sterling at the Ramada Hotel. The program runs from 1:00 p.m. to 4:00 p.m. and the $15 registration fee will include the Lasting Legacy workbook and snacks. Presenters include Deb Conroy, Keller Law Office, Colorado farm and ranch attorney, and Norm Dalsted, CSU Extension Educator.
Ignoring estate transfer planning and family decision-making can increase family stress levels. Successful farm and ranch estate planning includes transfer of assets (inheritance) and handing over the business control (succession) to the next generation in a way that increases a family’s economic and interpersonal well-being. Ranch and farm families desirous of establishing a successful transfer plan need accurate and current legal, tax, economic, and human relationship information. Understandable legal counsel may be difficult to find. Tax laws may be difficult to understand. Interpersonal family problems may appear impossible to solve.
This workshop will provide participants with tools for developing effective estate plans and generational farm transfers. The presenters will also discuss the importance of family communication, of setting goals, and understanding expectations. Participants will also get information on using trusts, wills, and titling for business entities in making the farm family estate and business succession planning successful. Additional opportunities for assistance on creating estate and succession planning will be available summer 2017.
Register for the workshop by January 25th by calling the Nebraska Rural Response Hotline at 1-800-464-0258.
