Farm Succession Planning: Why and How?

Allan Vyhnalek

No 413339, Cornhusker Economics from University of Nebraska-Lincoln, Department of Agricultural Economics

Abstract: If you visit with an ag professional and ask them “What percentage of farmers and ranchers have an estate plan, or an up-to-date estate/succession plan?” the answer will be half, or just less than half. This article will examine why that happens and give some simple steps for anyone to follow to create an up-to-date estate or succession plan. Farmers and ranchers don’t have a plan for a variety of reasons. These might include not ever planning to retire, not wanting to give up control, or not wanting to admit that they will ever pass away. Too often, we don’t want to take time away from the farming operation to think about what happens when we are no longer part of the process. The point of this article is to draw attention to the fact that planning is a necessity. No one has been able to avoid their demise--we are all going to pass. For the sake of each person in your family, begin the steps now of outlining what happens to your stuff when you are gone. Here are simple steps that can be taken now to get moving on putting together your estate or succession plan.

Keywords: Farm; Management (search for similar items in EconPapers)
Date: 2022
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https://ageconsearch.umn.edu/record/413339/files/AES_2022-04-06.pdf (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:nbaece:413339

DOI: 10.22004/ag.econ.413339

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