By Ken M. Nelson
County Extension Agent 

Notes From Nelson


February 1, 2023

Transferring the Farm or Ranch to the Next Generation

During tax prep time, discussions about transferring the farm or ranch sometimes arise. This is an important topic, and one that is never too early to consider.

Transferring your farm or ranch to the next generation can be a complex web of economic, legal, and family social decisions. Transfer planning includes the legal and economic decisions involved in turning over the ownership of the business, land, and other property to the next generation. Succession planning includes the family social decisions involved in managing the value...

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