It is easy. No money changes hands. The next generation may purchase the livestock or provide labor in exchange for livestock. Livestock are usually a good investment. They hold their value well and the next generation can usually get most of their money out of them if necessary.
Livestock are mobile, easily identified and sorted.
Inventories of silage, grain, hay and feed are second . If parents don't need the income, they may simply ignore the inventories and let the children use them without compensation. Sometimes inventories are simply too large and valuable to ignore. If so, the next generation can buy them perhaps in installments. Machinery and equipment are third .