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So You’ve Inherited a Farm, Now What

Jim Jansen and Allan Vyhnalek

Summary

The “So You’ve Inherited a Farm, Now What?” meeting series provides outreach to extension clientele preparing to transition land to the next generation and those whom recently inherited the ground and now must manage the property. Funding in 2017 by the North Central Extension Risk Management Education Center allowed this program to be delivered across 17 meeting sites in Nebraska with over 325 people in attendance representing diverse landholdings.

The program curriculum focuses on four core components: 1) What is your land worth and what contributes to the property’s value? Which includes a discussion of current land values, appraisal of the property, and functional obsolesce of improvements; 2) How is the land legally owned? This covers legal considerations for landownership and transition; 3) Whom does the landowner need to communicate with? Which focuses on the relationships that need to be built to have successful ownership; and 4) What will be done with the land? This covers the options of keeping or selling; if keeping, farm yourself or rent out; if renting, trends in cash rent, crop shares, and lease provisions.

To determine the effectiveness of this outreach program, an end of meeting evaluation (n = 258) was presented to those in attendance. From these evaluations: 93.1% of participants rated the quality of the presentation as good to very good, 85.6% of participants indicated a desire to better manage and analyze risk to make more sound better financial decisions on their operation within the next 6 months.

Details

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