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Passing It On:
An Estate Planning Resource Guide for Wyoming’s Farmers and Ranchers
Lucy Pauley, Alan Schroeder, Cole Ehmke and Carolyn Paseneaux
The information and worksheets in this publication will help you get started on creating a plan for transferring your Wyoming agricultural operation to the next generation. To make it easier for you to access and reuse the worksheets discussed in this publication we have provided them and an Excel® spreadsheet for creating a personal financial statement.
We encourage you to begin conversations on the future of your family business early, and to revisit the goals you agree to and the documents you create regularly. Having regular discussions about the future of the operation before the senior generation starts planning their estate will make transfer decisions easier.
- Chapter 1: Introduction by Lucy Pauley
- Chapter 2: Success Stories
- Chapter 3: Establishing an Estate Plan for Your Family’s Farm or Ranch Business - Initiating the Dialogue by Alan Schroeder
- Chapter 4: Developing Common Goals by Cole Ehmke
- Chapter 5: Taking Stock of the Estate by Cole Ehmke
Personal Financial Statement (Excel Spreadsheet)
- Chapter 6: Succession Planning
- Chapter 7: Tools (all topics)
- Wills by Carolyn Paseneaux
- Probate by Carolyn Paseneaux
- What Everyone Should Know about Trusts by Randall W. McKee
- Gifting by Douglas R. McLaughlin
- Effects of Title Ownership of Property by Carolyn Paseneaux
- Annuities by Douglas R. McLaughlin
- The Federal Estate Tax by C. Timothy Lindstrom
- Save Estate Taxes and Save your Ranch: How a Conservation Easement Can Help by Pamela Dewell and C. Timothy Lindstrom
- Life Insurance by Frank Kelly
- Long-term Care by Christine Schinzel
- Advanced Health Care Directive by Carolyn Paseneaux
- How to Select a Professional Advisor by Christine Schinzel
- Who Gets My Personal Stuff? By Bill Taylor
- Funeral Planning by Christine Schinzel
- Chapter 8: Coming to a Good Agreement Regarding an Estate Plan for your Family’s Farm or Ranch by Alan Schroeder
- Chapter 9: Resources - Planning Professionals, Real Estate Appraisers, Additional Resources
- Passing It On - Progress Checklist
- A listing of UW Extension resources on succession and estate planning. http://www.uwyo.edu/agecon/what%20we%20do/programs/succession%20planning.html
- Planning Ahead, Difficult Decisions is an 11-part series on many aspects of estate planning in Wyoming. http://www.uwyo.edu/ces/money/estate-planning.html
The handbook is a publication of the Wyoming Agriculture & Natural Resource Mediation Program in conjunction with University of Wyoming Extension.
The Passing It On resource guide is intended to provide general information on estate and succession planning. It is not intended to substitute for competent legal advice.
Primary Author Profiles
Alan Schroeder retired in 2013 from his position as an Associate Professor with the Department of Agricultural and Applied Economics at the University of Wyoming. His work specialty was in agricultural and natural resource law, on which he spoke and wrote widely.