An extension specialist says having a succession plan in place helps farms transition from one generation to the next without the guesswork.
Allan Vyhnalek with the University of Nebraska Extension helps farm and ranch families develop transition plans that includes wills, financial documents, estate planning, and leases. “We have people taking information about what’s supposed to happen with the family farm to the grave – or the family ranch – and we have to really think how we share information across generations so the next generation knows what the wishes are,” Vyhnalek says.
