Leaving a lasting legacy involves more than making sure a ranch or farm is passed on to its intended heirs, says an agriculture and business-management economist who has advised rural families for more than 30 years.
“In the last eight to nine years, I’ve spent 50 percent of my time explaining legacies and working one-on-one with families,” said Jeff Tranel, with the Colorado State University Cooperative Extension. “I try to include all generations, so everyone sees the need for a lasting legacy.”
Tranel and Norm Dalsted, a CSU professor, are expected to visit Durango in the fall to present a ranch legacy workshop through the Extension Office that was canceled in February.
There are four pillars to a lasting legacy, Tranel said.
In addition to perhaps the most obvious one, the transfer of real property, are values and life lessons, personal possessions of emotional value and final life-end wishes, he said.
Teddi Baird-Tharp sees the big picture. She had signed up for the February class to be better prepared for the inevitable decisions that await anyone who has possessions of value.
Baird-Tharp and sisters, Amber Baird and Panda Baird, are the logical heirs to about 340 acres of ranchland in southern La Plata County now worked by her father, Larry Baird. The only other potential heir now is her son, Joseph.
“We want to learn the best way to handle our property,” Baird-Tharp said in an interview this week. “Accidents happen, so you never know when you’ll have to act.”
First off, there are two parcels that constitute the ranch where Larry Baird has cattle and a haying operation, Baird-Tharp said. But another matter is income from royalties produced by four gas wells, she said.
Money matters aside, there are family collectibles such as a treasured saddle or a firearm, she said.
“Taxes are a big issue, too,” Baird-Tharp said. “Inheritance taxes could be prohibitive. We don’t want to have to sell land to pay taxes.”
It’s important to stay abreast of what is happening in Washington and Denver that affects property owners, she said.
“You have to keep on top of legislation,” she said.
Disposition of real property is important, but rural residents must make sure other inheritance goals aren’t overlooked, Tranel said.
Attorneys and certified public accountants spend 75 percent of their time on the tools to transfer property and the remainder on the other pillars, Tranel said.
He approaches inheritance counseling from the often-ignored other side, he said. He dedicates three-quarters of his time to the details that can be overlooked.
daler@durangoherald.com
