Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   
   

Beef Buzz News


Generational Transfer Happens Whether We're Prepared for it or Not - So Why Not Plan Ahead Now

Wed, 05 Jun 2019 09:41:55 CDT

Generational Transfer Happens Whether We're Prepared for it or Not - So Why Not Plan Ahead Now One of the legendary ranches in the Southern Great Plains is the RA Brown Ranch of Throckmorton, Texas. Donnell Brown is a part of the RA Brown Ranch legacy. He has travelled the country speaking to producers about how they can ensure the longevity of their operations using the same thought-processes and strategies his family has done successfully for over a century now. He recently offered a few of those tips in an interview with Radio Oklahoma Ag Network Farm Director Ron Hays. According to him, the best advice he can offer upfront is simply to get started - don’t put off the inevitable - start the process now.


“My parents were so progressive in starting their estate planning back when I was in high school. Now, we’ve got to start doing the same thing with our kids and I feel like I’m ten years behind,” Brown said. “I think it’s never too early to start a solid transition to keep the ranch in the family and the family in the ranch. I encourage all families to start that conversation because we never know when our time is going to come where the Lord is calling us home.”


Beyond that, Brown says it is important to include the right people in your estate planning when it comes to who will make decisions, carry certain tasks out and simply offer seasoned advice on how to navigate the process. This starts at home with the parents, he says. Both patriarch and matriarch should be involved in this process. Brown says his mother was instrumental in the transition his family went through, remarking on the valuable insights that she brought to the table throughout the ordeal from her perspective as a woman. The other key player to recruit, Brown says, is a good accountant or lawyer that knows and understands the laws and how to use them to your advantage.


“I think it’s important to find that really good accountant or tax person that knows those laws because those regulations change and the government is trying to get as much tax dollars from us as they can,” he said. “So, let’s find a professional that knows how to best make that generational transfer with the least tax consequence because that Estate Tax or Death Tax can be brutal. So I say, find a professional you can trust and understands your business and get started.”


Listen to Brown share more of his advice to Hays about estate planning for a farm or ranch business, on today’s Beef Buzz.


The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.



   



   

Listen to Brown share more of his advice to Hays about estate planning for a farm or ranch business.
right-click to download mp3

 

WebReadyTM Powered by WireReady® NSI

 

Beef News

  • Oklahoma National Stockyard's First Female General Manager Kelli Payne Showcases Market's Historical Significance  Tue, 25 Jun 2019 10:53:50 CDT
  • Secure Food Supply Plans Allow Farmers and Ranchers to Take Biosecurity into Their Own Hands  Mon, 24 Jun 2019 12:22:48 CDT
  • RMA's Haying and Grazing Date Adjustment Good News for Cattle Producers Badly in Need of Forages  Fri, 21 Jun 2019 11:40:04 CDT
  • NCBA's Scott Yager Touts Livestock Producers' Regulatory Relief from Superfund Law Under FARM Act  Thu, 20 Jun 2019 11:07:36 CDT
  • Market Watcher Derrell Peel Shares His Advice on How to Build Your Strategy Around Market's Mounting Volatility  Wed, 19 Jun 2019 10:05:52 CDT
  • Prospect of Higher Feed Costs Generating Both Challenges and Opportunities for Cattle Producers  Tue, 18 Jun 2019 11:01:21 CDT
  • Beef Industry Experts Don Close and Kent Bacus Explain Why Mandatory Labelling Isn't So "COOL" After All  Mon, 17 Jun 2019 11:36:49 CDT
  • Rabo Agrifinance’s Don Close Shares His Top Four “Unknown Unknowns” of the Beef Industry in 2019  Fri, 14 Jun 2019 09:29:13 CDT
  • Despite Minor Declines, US Beef Export Business Continues to Perform Well as Fringe Markets Grow  Thu, 13 Jun 2019 13:19:37 CDT
  • Cattle Market Under Pressure as Corn Plantings Continue to Struggle, Adding to Price Weakness  Wed, 12 Jun 2019 11:07:37 CDT
  • Government Cracks Down on Sue and Settle Tactics Employed by Environmental Activist Groups  Tue, 11 Jun 2019 10:28:55 CDT
  • Industry Has Its Work Cut Out for Itself as Wildlife Service Weighs Listing the Lesser Prairie Chicken  Mon, 10 Jun 2019 11:19:40 CDT
  • NCBA's Colin Woodall Calls Out Misconceptions About Fake Meat's Claims of 'Zero-Sum' Production  Fri, 07 Jun 2019 10:49:24 CDT
  • Donnell Brown Proclaims Efficiency the Next Great Frontier, Genomic Enhancement will Get Us There  Thu, 06 Jun 2019 09:53:06 CDT
  • Generational Transfer Happens Whether We're Prepared for it or Not - So Why Not Plan Ahead Now  Wed, 05 Jun 2019 09:42:15 CDT
  • Food Industry Leader John Patrick Lopez Says Sharing Agriculture's Story is Everyone's Responsibility  Tue, 04 Jun 2019 10:15:01 CDT
  • OKC-Based Processor Behind McDonald's Non-Frozen Beef Menu Brings Chain Some Fresh Sizzle  Mon, 03 Jun 2019 11:57:26 CDT
  • China's African Swine Fever Problem Largely Seen as a Positive for US Ag- But What's the Downside  Fri, 31 May 2019 10:20:36 CDT
  • Angus Dollar Value Index Upgraded to Meet Today's Economic Conditions, Dan Moser Explains  Thu, 30 May 2019 10:59:45 CDT
  • Greenhouse Gas Guru, Mitloehner, Says Cow-Fart Protestors Spread More Manure than Beef Industry  Wed, 29 May 2019 09:40:47 CDT
  • USDA Reports Highest May 1 Inventory of Cattle on Feed Since '96 - Derrell Peel Shares His Analysis  Tue, 28 May 2019 10:21:29 CDT
  • Scott Yager Says Beef Industry Pushing Back on Green New Deal Plan to Eliminate Cattle Production  Fri, 24 May 2019 10:38:05 CDT
  • Eco-Activists Muddy the Waters Again with New Supreme Court Filing as WOTUS Debate Wraps Up  Thu, 23 May 2019 09:59:08 CDT
  • Rancher Debbie Lyons-Blythe Defends Beef Industry's Proactive Efforts in Fighting Climate Change  Wed, 22 May 2019 11:18:13 CDT
  • OSU's Market Watcher Derrell Peel Optimistic Stability will Return to Cattle Markets this Summer  Tue, 21 May 2019 11:34:29 CDT
  • Japan Lifts 30-Month Rule on US Beef Imports, Creates Room for Potential $200M in Additional Value  Mon, 20 May 2019 11:59:19 CDT
  • NCBA's Colin Woodall Encourages Producers to Hang Tough as US-China Trade Talks Flare Up  Fri, 17 May 2019 12:08:49 CDT
  • US Meat Exports Fail to Meet Expectations During First Quarter of 2019, Will this Trend Continue?  Thu, 16 May 2019 11:31:30 CDT
  • Time to Turn Heat Up on Trade Talks with Japan, Bacus Says It's Been on the Backburner Too Long  Wed, 15 May 2019 09:50:39 CDT
  • US-China Tensions Flare as Trade Talks Near End, NCBA's Kent Bacus on Trump's Hardball Strategy  Tue, 14 May 2019 10:36:10 CDT
  • Beef Industry Leaders Form International Coalition to Advocate for USMCA's Speedy Ratification  Mon, 13 May 2019 10:45:22 CDT
  • Donnell Brown Proclaims Efficiency the Next Great Frontier, Genomic Enhancement will Get Us There  Fri, 10 May 2019 05:37:48 CDT
  • Slow Corn Planting Caused by Recent Rains Dampen Spirits in Cattle Industry, Derrell Peel Explains  Thu, 09 May 2019 10:42:38 CDT
  • Generational Transfer Happens Whether We're Prepared for it or Not - So Why Not Plan Ahead Now  Wed, 08 May 2019 10:08:19 CDT
  • Food Industry Leader John Patrick Lopez Says Sharing Agriculture's Story is Everyone's Responsibility  Tue, 07 May 2019 10:55:34 CDT

  •  

    Beef Buzz Archives

    Old Archives  |   2010  |   2011  |   2012  |   2013  |   2014  |   2015  |   2016  |   2017  |   2018  |   Jan 19  |   Feb 19  |   Mar 19  |   Apr 19  |   May 19  |   Jun 19  |   Jul 19  |   Aug 19  |   Sep 19  |   Oct 19  |   Nov 19  |   Dec 19
       

    Ron salutes our daily email sponsors!

    Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Tulsa Farm Show AFR Insurance Stillwater Milling KIS FUTURES, INC. Oklahoma Cattlemen's Association

    Search OklahomaFarmReport.com


       
       
    © 2008-2019 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.