On Wednesday, Aug. 28, Nebraska Extension in Boone County hosted a free Estate and Transition Planning workshop in the Casey building on the Boone County Fair grounds.
The workshop was designed for anyone who needed help in finding the best way to proceed with plans to retire, exit, or transfer their farm or ranch business.
Some 18 concerned farmers and ranchers attended the workshop. Farm succession extensions educator, Allan Vyhnalek, and Certified Financial Planner (CFP) Brandon Dirkschneider, were speakers at the event. A Nebraska native, Allan has been working with farm/ranch transition and succession planning with Nebraska and Iowa Extension for 28 years. Another Nebraskan native, Dirkschneider has been a certified financial planner in Omaha for 18 years.
Topics discussed at the workshop included the importance of having a plan, having needed end-of-life documentation, having proper family communications, and having options for estate planning through wills, trusts, and/or other business entities. Vyhnalek mostly discussed the importance of having a plan and getting that conversation started, whereas Dirkschneider mostly discussed the importance of what to do with a plan once it is created.
Allan assured that succession planning is not as hard as it may seem. He said the most important step throughout the entire land transfer process is to communicate and have successful communication with your “team.”
Complete feature by Thomas Hosford in the Sept. 4 Albion News print and e-editions.