SDSU Extension to discuss continuation plans at Sustaining the Legacy conferences

BROOKINGS S.D. – South Dakota State University Extension will continue to assist farmers and ranchers with long-term planning through its Sustaining the Legacy conferences across South Dakota this winter.

The next conference is at the SDSU Extension Aberdeen Regional Center on Feb. 3, 10 and 17, 2026. Early registration is $70 per person up to two weeks before each conference, or $80 after that.

Registration is limited, so register early to ensure your chair. The final conference is in Watertown on March 3, 10 and 17, 2026. Registration is required at the SDSU Extension Events page and search “legacy”.

At the next conference, participants will learn about the three types of continuation plans for farms and ranches: estate plans, succession plans and retirement plans. Heather Gessner, SDSU Extension interim Agriculture and Natural Resources Program Director and Livestock Business Management Field Specialist, said farms and ranches traditionally develop an estate plan, which outlines what happens to the assets when the owner dies. However, she noted the two other plans are just as important.

The succession plan provides a map of how the next generation will be brought into the operation, and the retirement plan takes into consideration how the older generation will pay for living expenses, including potential stays in long-term care facilities.

"In plan creation, three components need to be looked at: first, the transition to the next generation whether they are farming or not; second, a retirement plan, even if you plan to 'die in the tractor seat'; and third, the estate plan for the distribution of all your assets at your death. That's a lot when you sit down and think about it," Gessner said.

When created together, these three plans can provide for the continuation of the family farm or ranch. When all family members understand the goals of the operation, these plans can be developed and implemented to accomplish them.

Gessner said common goals for family farms and ranches include passing the land to the next generation to continue farming, avoiding the loss of the land to pay for nursing home care, maintaining financial stability and fostering family harmony. While crossover may exist within the plans, good communication about these goals and how they will be implemented assists with family harmony.

A transition plan outlines the changes in job duties, the timeline for transferring responsibilities, and the distribution of income among all active farming members. The retirement plan considers the changes the older generation may need as they become less involved on the farm. This can include housing decisions, as well as retirement account creation to cover health and long-term care costs.

The conference is designed for farming and ranching families at all planning stages. Participants will learn methods to pass on farm and ranch assets and businesses and provide a financial inheritance to non-farming and ranching children. Estate planning and ranch transition attorneys, along with other industry experts, will present the material.

Topics will include:

• Trusts
• Business structures, LLCs, LLLPs and corporations
• Life insurance
• Wills and probate
• Titling property
• Contracts
• Retirement planning for landowners
• How to access retirement benefits (Medicare, Social Security)
• Elder and end-of-life care planning

"The saying of death and taxes being the only two constants in life is pretty accurate. So, we need to acknowledge that we all face the ultimate reality of death and approach the issue of taxes to mitigate their impact on the farm transition,” Gessner said.

For more information, contact Heather Gessner, SDSU Extension interim Agriculture and Natural Resources Program Director and Livestock Business Management Field Specialist.