This project addressed human and legal risks associated with farm and ranch transition planning through four, three-hour workshops, two each in Park and Sweet Grass Counties, a day-long workshop in Park County, and a 1.5-hour webinar. Workshops targeted traditional commercial producers. We distributed resources monthly via email and used social media for distribution. Workshop topics included improving communication, understanding generations and their strengths and weaknesses, property ownership types (sole ownership, joint tenancy with right of
survivorship, tenancy in common, contracts), business structure (partnership,
corporation) wills, trusts (living, testamentary), beneficiaries,
beneficiary deeds, non-titled property, tax strategies, financial management,
business transition strategies, and long-term care.
The COVID pandemic limited our ability to accomplish every goal of the project and certainly hindered participation in the second half of the project. The target demographic was not excited about virtual delivery of program materials and both participation in webinars and survey responses sent via email reflected this tendency.
Project participants increased their knowledge across all topic areas, reported improved communication and relations and increased dialogue about planning for the future for both estate and transition plans; reported positive progress toward identifying goals for estates and transitioning; and efforts toward implementing plans for both.