Have You Planned For the Succession of Your Farm or Ranch?

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Published Thursday, January 12, 2017

Have you formalized your estate plan? Have you shared your plans with your family members? Many farmers and ranchers have an unwritten estate plan. And lots of questions.

Colorado State University Extension will conduct a workshop in Springfield on Thursday, February 23rd to help answer some of your questions and provide you with valuable resources.  The program will take place at the Minnick Building on the Baca County Fairgrounds from 1:00 p.m. to 4:00 p.m.

Jeff Tranel and Dr. Norm Dalsted, Agricultural and Business Management Economists with CSU, will return to Grand Junction to speak about business succession, retirement, and estate planning. They have worked with thousands of farm and ranch families over the past 30 years.

Joining them will be attorneys Jenna Keller and Deb Conway of Keller Law LLC. They have worked with many farm and ranch families throughout Colorado and Nebraska as they formalize their estates.

These four experts will talk about strategies for transferring your farm or ranch to the next generation in order to give them the best chances to succeed, having money for retirement, and having an estate plan that helps you and your family achieve your goals. According to Dalsted, "One of the greatest reasons that farms and ranches fail in the second generation is that Mom and Dad did not talk with their children and plan."

People interested in participating in a "Handing it off to the kids!" workshop should contact the CSU Extension Baca County Office at (719)523-6971 or email mallory.sikes@colostate.edu. In order to guarantee ample seating and copies of materials, registration will be due Thursday, Feburuary 16th, one week prior to the workshop.  Cost to attend is $50 per family (up to 3 people) with an additional charge of $10 for each additional family member over the initial 3.

According to Tranel, "passing on one's life work is important and critical to the success of the farm and ranch business. People should really discuss their wishes with family members, develop and document good succession and estate plans, and then consult with their attorney and accountant."CSU Extension offers up-to-date, unbiased, research-based information to families in Southeast Colorado.  CSU Extension programs are available to all without discrimination.