Ranchers often worry what will happen to the ranch after they’re gone. A successful transfer to new ownership, even within one’s family, involves more than just a ranch’s physical assets. It also means preserving a legacy built on decades of hard work and strong values, balancing profitability with family harmony. Thinking ahead about ranch succession can make the transition less painful and more likely to sustain a legacy that protects the aspects of the ranch that matter the most to you. This module can help you judge how prepared you are to do that.
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Question 1 of 7
1. Question
1. Do you have a written plan to protect your family ranch when the current owner passes on?
Correct 5 / 5 PointsIncorrect / 5 Points -
Question 2 of 7
2. Question
2. Has the family discussed and agreed upon the important aspects that the current owner(s) want to preserve? (Along with healthy land that can sustain a profitable operation, these may also include non-economic values such as family use of the ranch, conservation of wildlife habitat and open space, and demonstrating good stewardship to the public)
Correct 5 / 5 PointsIncorrect / 5 Points -
Question 3 of 7
3. Question
3. Have you discussed ranch succession with a licensed professional (attorney, tax accountant, etc.) to ensure that any estate issues (such as taxes and/or probate) are addressed?
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Question 4 of 7
4. Question
4. Do your estate plans ensure there will be accessible cash to cover legal and accounting expenses that occur on the owner’s passing?
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Question 5 of 7
5. Question
5. Can a record of all assets associated with the ranch be readily found?
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Question 6 of 7
6. Question
6. Do the heirs have all the information and knowledge needed to take on ownership?
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Question 7 of 7
7. Question
7. If you are the current owner, how confident are you that you can influence what happens to the ranch after your passing?
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