Generational Transition Program

What Does Your Ranch Look Like in 40 Years?

     My great-great grandparents homesteaded on the tall-grass prairie.  The story goes the grass was so tall, they had to sit in the wagon to see where they were going.  Granted, my ancestors were little, short Europeans, but I often wonder what they saw from that wagon perch, and what visions played in their minds. 

     Could they imagine 250 bushel corn growing in the black earth harvested by machinery bigger than their first home?  What did they see from the wooden seat of the jolting wagon?  Did they see their great-grandson farming the same soil a hundred year later?

    Now I ask you this- Does your estate plan align with your future ranch dream?

The Bully on the Farm

So, what happens when spoiled farm children don’t get what they want?  In the worst-case scenarios, adult children can begin acting like spoiled two-year-olds, throwing fits and demanding what they want.  The parents may cave into the spoiled adult children’s actions, allowing the destructive behavior to continue.

Read the summary of Elaine Froese's article “Stop Temper Tantrums from Spoiled Farm Children”. 

First Step: Gather Information

Many farmers and ranchers do not have a will or a completed estate plan.  The incomplete nature of the legal documents is understandable, as estate and transition planning is “like eating an elephant.”

How do you eat an elephant?  One bite at a time.

Ranchers Share Their Transition Story

    The Generational Transition workshop combined the knowledge of producers who understand the emotional, financial, and legal considerations of ranch transition, and the legal considerations from an experienced estate planning attorney.  The workshop was held on June 11^th at the West Central Research and Extension Center hosted by the Nebraska Grazing Lands Coalition (NGLC) and Nebraska Extension.  A producer panel shared their personal experiences of transitioning, as well as an experienced attorney who shared legal tools to help with families transition to the next generation