What is Estate Planning and Why Should a Rancher Embrace It? 

Estate planning is the process of accumulating, preserving and distributing assets to achieve the financial goals of people during their lifetimes, and to provide for their heirs according to the estate owner’s wishes at death.   As such, estate planning is not a one-time event. Instead, it is an ongoing process designed to accomplish accumulation, preservation […]

Understanding Farm Business Transfer Strategies 

Transferring the farm business from one generation to the next can take several years. This is due, in part, to the large amount of capital involved, explain Gary Hachfeld, former extension educator; David Bau, extension educator, and C. Robert Holcomb, extension educator, University of Minnesota Extension.   This time of transfer can also be used to share knowledge, […]

Tips To Better Communication During Farm Succession Planning 

Farming together requires good communications, mutual respect and trust. It is necessary for everyone to be willing to give and take. This is probably the most stressful part of farming, explain Gary Hachfeld, former extension educator;  David Bau, extension educator, and C. Robert Holcomb, extension educator, University of Minnesota Extension.   While this is not impossible, farmers should […]

Passing The Ranch On: How to Figure Out What a Transition Might Look Like 

When you begin discussions on what transitioning your ranch might look like, the U.S. Roundtable for Sustainable Beef recommends you and your children answer each of these questions to help better shape your planning decisions and the future of your operation.  Questions to Ask Parents:   What is the most important non-financial outcome you would like […]

10 Ways Family Members Sabotage the Implementation of a Ranch Transition Plan 

Estate planning is a process that is often avoided because it deals with issues regarding people, property, laws and taxes – issues that family members may not be ready to think about.   But planning an estate can benefit every agricultural family. The process of creating a plan reduces the stress and uncertainty of not talking […]