Montana State University helps landowners make land transfers. | Pixabay
Montana State University helps landowners make land transfers. | Pixabay
Officials of the Montana State University (MSU) Extension program said that Montana families, farmers and ranchers who want to transfer land and businesses to the next generation are facing serious challenges.
Marsha Goetting, the MSU Extension family economics specialist, said some of the families in the state can bypass the process altogether due to its economic, legal and family decision complexities, according to an MSU press release.
Many families find that it is easier to drop the process to avoid conflicts that often arise when making the transfer legal. However, the process should be discussed with the younger generation.
“During my estate planning meetings across Montana before COVID-19, members of the younger generations found it difficult to initiate a discussion about the farm and ranch transfer and succession processes,” Goetting said in a press release. “They fear older generations may perceive them as being overly interested in their inheritances. On the other hand, when members of the older generations bring up the topic, younger generations may not be responsive. They do not want to think about their grandparents or parents dying.”
Families, farmers and other landowners who want to start the process can begin by visiting here.
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