Many farm and ranch families struggle with the many questions surrounding the transfer of their property to the next generation. Questions such as “How can I be fair to all the kids?,” “Who will take over running this place?,” “Who will take care of me in my last years, months and days?,” “What can I do to help my passing be easier on those left behind?”
Sensitive issues, such as money, death, and family relations are difficult issues to discuss or talk about in any depth. It is hard to approach these issues calmly when there are strong feelings about what is important. Some people avoid discussing these subjects because they believe it to be disrespectful and uncomfortable.
Northeastern Junior College’s Agriculture Business Management Program (ABM) is hosting Jeff Tranel from Colorado State University Extension on Feb. 13 from 6-9 p.m. in the Hays Student Center Ballroom at Northeastern to help farm and ranch families find some answers to these and many other questions. A meal will be served from 5-6 p.m. prior to the seminar.
Jeff Tranel, Agricultural and Business Economist with CSU, has talked to many groups and with many individual farm and ranch families across the country during his 35-year career. As he witnessed families struggling with transferring everything to the next generation, he and two colleagues authored a program titled “Leaving A Lasting Legacy.”
Tranel says legacy planning includes more than simply having an attorney draft an estate plan. “A person leaves more than just money and property,” he said. “In fact, a national study discovered that non-financial items are ten times more important than financial assets to transition onto the next generation.”
“Everyone should determine what and to whom they want to pass on the legacies of their lives and then communicate those wishes with family members,” said Tranel.
Passing on one’s life work is important and critical to the ongoing success of a farm and ranch business. People should discuss their wishes with family members, develop and document good succession and estate plans, and then consult with their attorney and accountant. With the support of local sponsors (Bank of Colorado, First FarmBank, Premier Farm Credit, Gordon Insurance Agency, Wright Law Firm, LLC., Kellogg-Ewing-Leavitt Insurance Agency and Sterling Federal Credit Union), the cost of the seminar is $40 per person. However, if more than two individuals from the same family and/or organization register together, the cost is just $30 per person.
All generations should plan to learn how to effectively communicate their farm/ranch estate and succession plan and leave lasting legacies. For more information, please contact Emily Mollohan at 970-521-6762 or emily.mollohan@njc.edu. Online registration is available at: https://njc-lasting-legacy.eventbrite.com.
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January 16, 2020 at 04:04AM
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Leaving a lasting legacy - Journal Advocate
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