While 90% of farmers and ranchers say they expect COVID-19 to impact their businesses, over one half do not have a plan for what would happen to the business if they fall ill, according to two surveys by Farm Journal and Farm Market iD.

The ongoing COVID-19 pandemic further highlights the importance of preparing the next generation to manage the farm or ranch.

An upcoming webinar, presented jointly by Nebraska Extension and the Omaha law firm of Vandenack Weaver, will focus on estate planning for farmers and ranchers.

The live workshop, Ag Estate Planning During a Pandemic, will be held on Aug. 5, at noon (central). It will offer background on common mistakes made during the process, the importance of having a formal succession plan in place and essential considerations and tools for creating an agricultural estate plan.

The presentation will be led by Allan Vyhnalek, an extension educator for farm and ranch succession in the Department of Agricultural Economics at the University of Nebraska-Lincoln, and Monte Schatz, attorney and managing member at Vandenack Weaver LLC.

Specific topics will include mistakes and assumptions that different parties can make in the planning process, how to effectively communicate with family and other stakeholders, the future of farm business and eligibility for Paycheck Protection Program loans for agricultural businesses.

The webinar is free and open to everyone. Registration is required at farm.unl.edu.