The University of Nebraska-Lincoln's Center for Agricultural Profitability and Nebraska Extension hosted a workshop in Lincoln on estate and transition planning for farmers and ranchers on March 7.
It was presented by Allan Vyhnalek, an extension educator for farm and ranch transition and succession, and Brandon Dirkschneider, a Certified Financial Planner and farm succession coordinator with Insurance Design Management in Omaha.
They highlighted tools and strategies to effectively plan, start and complete estate plans, offered background on common mistakes during the process and looked at essential considerations for creating and carrying out estate and succession plans.
View the video on YouTube to access a clickable timestamp menu by topic, or follow the guide below.
0:05:44 — Are farmers and ranchers retiring? Why or why not? (Allan Vyhnalek)
0:13:05 — Key steps and documents for planning (Allan Vyhnalek)
0:30:19 — Communicating with and involving family in planning (Allan Vyhnalek)
0:58:57 — Keys to negotiation (Allan Vyhnalek)
1:15:00 — The importance of succession planning (Brandon Dirkschneider)
1:21:00 — The components of a business succession plan (Brandon Dirkschneider)
1:24:00 — Legal and family considerations (Brandon Dirkschneider)
1:34:38 — Estate planning goals, documents, distribution of assets (Brandon Dirkschneider)
1:45:19 — Tax implications and strategies (Brandon Dirkschneider)
2:01:24 — Types of succession agreements (Brandon Dirkschneider)
More information about Nebraska Extension’s resources related to estate planning and succession planning for farmers and ranchers is available on the University of Nebraska-Lincoln’s Center for Agricultural Profitability’s website cap.unl.edu/succession.