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5 questions to ask about farmland inheritance

Advice for managing a one-of-a-kind asset.

On a regular basis, Allan Vyhnalek finds himself having some version of the same often-awkward conversation.

“I am contacted monthly from citizens who have had their parents pass away, and now they are managing a farm for the first time in their lives,” says Vyhnalek, a University of Nebraska Extension educator and event speaker. “They may have even grown up there, but haven’t been around for 30 or 40 years and need to understand that farming practices and management concepts have changed.” 

To help with some of these issues, Vyhnalek has helped put together a series of workshops across Nebraska in November and December to help those who have recently inherited farmland. The workshops hope to answer several common questions, including:

1. Are you keeping the farm or selling it?

2. What are the best ways to manage a farm?

3. If you opt to lease the farm, what are key lease provisions?

4. What legal implications should you consider?

5. What are the best way to manage communications and expectations when other family members are involved?

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