Risk Management Workshop Series: Estate Planning Tools
As American farmers and ranchers age, they face the dilemma of how to pass on their life’s work. They can pass on a working business or they can sell off the land, equipment, livestock and facilities piecemeal. Coloring this basic decision are considerations of retirement income, long-term care payments, interests of heirs, and tax consequences.
Every farmer and rancher faces these inevitable decisions, yet an Iowa study found that two-thirds of farmers over age 65 had done little or no planning for retirement.
The documents we provide in this Risk Management Workshop Series are an attempt to help farmers and ranchers become better consumers of estate planning tools. They provide basic information on retirement planning and farm/ranch transfer to explain processes that have grown in complexity. Since most of us begin or retire only once, it’s helpful to learn from advisers who have observed many stages of the process.
These documents arose from the experiences of financial and legal counselors who have worked through these issues with hundreds of farm families in Nebraska.
Reports available in the series (all links are to pdf files of varying lengths):
Introduction to Farm & Estate Tax Planning
Introduction to Successful Farm & Ranch Transitions
Ownership Structures for Your Farm or Ranch
Piercing the Corporate Veil: How Limited Is the Liability of Doing Business as a Corporation?
Long Term Care
Medicaid: Planning for Long-Term Care in the Farm & Ranch Context
This project was made possible through a grant from the North Central Risk Management Education Center to inform farmers and ranchers of their options for retiring or beginning in agriculture. These reports were prepared by the Center for Rural Affairs. Other partners in the project include the North Central Risk Management Education Center and the University of Nebraska, Lincoln.
Contact: Wyatt Fraas in the Center’s Hartington, Nebraska office, 402.254.6893 or wyattf@cfra.org.
Every farmer and rancher faces these inevitable decisions, yet an Iowa study found that two-thirds of farmers over age 65 had done little or no planning for retirement.
The documents we provide in this Risk Management Workshop Series are an attempt to help farmers and ranchers become better consumers of estate planning tools. They provide basic information on retirement planning and farm/ranch transfer to explain processes that have grown in complexity. Since most of us begin or retire only once, it’s helpful to learn from advisers who have observed many stages of the process.
These documents arose from the experiences of financial and legal counselors who have worked through these issues with hundreds of farm families in Nebraska.
Reports available in the series (all links are to pdf files of varying lengths):
Introduction to Farm & Estate Tax Planning
Introduction to Successful Farm & Ranch Transitions
Ownership Structures for Your Farm or Ranch
Piercing the Corporate Veil: How Limited Is the Liability of Doing Business as a Corporation?
Long Term Care
Medicaid: Planning for Long-Term Care in the Farm & Ranch Context
This project was made possible through a grant from the North Central Risk Management Education Center to inform farmers and ranchers of their options for retiring or beginning in agriculture. These reports were prepared by the Center for Rural Affairs. Other partners in the project include the North Central Risk Management Education Center and the University of Nebraska, Lincoln.
Contact: Wyatt Fraas in the Center’s Hartington, Nebraska office, 402.254.6893 or wyattf@cfra.org.
