Engaging Agriculture: Ideas For Estate and Transition Planning: Monetary Compensation

By Jessica Groskopf, Nebraska Extension Agricultural Economist

For many farm and ranch families, bringing children or grandchildren into the operation is the ultimate goal. Successfully bringing additional family members into the operation may require some creativity, as all parties need to maintain a viable standard of living. This series of articles will highlight ideas and tactics for bringing another family member into the operation.

One tactic is to provide new family members with monetary compensation, such as an hourly wage or salary. The total compensation should be comparable to the m...