Important things to ponder as we age

Feeling blessed and deeply rooted in aging. Gracefully, question mark? I don’t know if there’s a litmus test for getting old, but I do believe I check a lot of boxes.

There’s the obvious: a little boy can officially call me his Mimi.

A little more subtle: I can’t go anywhere without my readers. Which comes in handy with my affinity for anything paper versus digital (planner, books, newspapers).

I obsessively think and chatter about the weather. I use words like chatter.

I can actually remember the last time the Cowboys won a Super Bowl. As a desperate fan I don’t relish this.

Nostalgic items turn my head. Antique car driving around our section? Yes please. Old barn with a photogenic horse? Can’t get enough!

For goodness sakes, I think “bussin’” is a term used to refer to getting children to school! The current slang dictionary tells me otherwise. And the fact that I even use a dictionary … sigh.

As a person ages, I think it’s natural to start thinking about legacy and succession plans. Who, if anyone, will continue growing the seeds I’ve planted? How will that happen? When will it happen? Why would they want to?

Not all farms and ranches have a clear succession strategy. With a high percentage of producers nearing retirement age, some don’t have a younger generation to carry it on. If they do, challenges could still arise making sure all parties are treated fairly, including nonfarm heirs and spouses. Everyone wants to keep their family having Thanksgivings together for years to come.

Succession plans can be uncomfortable to think about because it’s embracing one’s mortality. They can be difficult to speak about with loved ones, for fear of hurting feelings or creating misunderstandings. And even if communication is flowing, what’s the right way to go about it in today’s litigious and expensive world?

If aging has taught me anything it’s that I don’t have all the answers, but I do have resources. The Nebraska Center for Agricultural Profitability offers all kinds of webinars, articles, and in-person workshops to address these challenges.

They are multifaceted by gearing content towards farm succession without heirs, as well as farm transition to children returning to the farm or ranch. Of course, tax implications are discussed, as well as offering their Land Link program that connects retiring landowners to aspiring ag producer land seekers.

No matter the succession situation, it’s clear that estate attorneys and insurance agents knowledgeable in life insurance are integral. Attorneys can provide guidance that will empower local farmers and ranchers to make informed decisions for the continuity of their operations and craft legal agreements. Life insurance can provide tax-free death benefits, debt coverage, inheritance equalization, income replacement and fund buy-sell agreements.

I’m the first to admit talking about aging and succession planning sounds more miserable than forgetting the daily Metamucil. However, failing to plan is planning to fail. Gift yourself and your loved ones by checking out some of the resources I mentioned.