Transferring Your Farm or Ranch to the Next
Generation; MSU Publication Makes it Easier
April 2000
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April 2000 |
-- One of the most important--and most difficult--decisions many farm and ranch families will face is how to transfer their land and business on to the next generation. "The process is especially challenging because it includes a complex web of economic, legal and family social decisions," says Marsha Goetting, a family economics specialist for Montana State University Extension. "Often legal and tax decisions become the focus of attention while the family's social decisions are ignored." The difficulty escalates further when family members have different goals, values and perceptions of fairness. Goetting has co-authored a publication, "Transferring Your Farm and Ranch to the Next Generation," that can help. In it, Goetting emphasizes that the family is delicately interwoven with the farm/ranch business, and each must be carefully considered when planning such a transaction. The publication includes sections on starting a conversation with family members who are in denial or reluctant to discuss the situation; how to pinpoint your own and family members' expectations; identifying what is important to each generation; and options for ownership. In addition, several worksheets will help both parents and children identify their goals and expectations. "Transferring Your Farm or Ranch to the Next Generation" is available for $2. For a copy, send $2 to: MSU Extension Publications, PO Box 172040, MSU, Bozeman, MT 59717-2040. Ask for EB 149. |
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