Agricultural Economics Department
Date of this Version
9-29-2023
Document Type
Article
Citation
Groskopf, J. “Are You a Farmer or Rancher Over 18? It’s Time for an Estate Plan.” Series 23-0905, Center for Agricultural Profitability, University of Nebraska-Lincoln, Sept. 29, 2023. DOI: 10.32873/unl.dc.cap017.
Abstract
Often, the risk of failure for a farm or ranch caused by the death or disability of a young person is much greater than the loss of an older member of the operation. The loss of a young person is usually unexpected. Young people are often not as financially stable, have young families, and provide the bulk of manual labor. Estate planning is something anyone over the age of 18 should do, regardless of how little or how much they have in assets.