Farming is not just a business; it’s a way of life. Our attorneys understand and appreciate this sentiment because they were raised on farms themselves. We can assist your farm family with a wide variety of legal issues that may arise. Our ability to speak your language helps us efficiently and effectively serve your needs.
We routinely assist with issues such as:
- Transitioning the family farm:
- Estate planning to provide for the succession in the event that the current owners die (the “disaster” plan). This may include wills, trusts, powers of attorney, marital property agreements and other issues.
- Business succession planning to provide for the transition of the farm over time (the “succession” plan).
- Protecting the family farm.
- Buying farms and farm land.
- Selling the farm, equipment or livestock.
- Establishing business entities, such as limited liability companies (LLCs) and corporations.
- Working with your accountant or tax preparer to maximize tax benefits and plan for future sales or succession.
- Gifting or transferring farm assets to family members or the next generation.
Stay updated on farm legal issues by listening to Bridget’s monthly appearances with Bob Bosold on WAXX 104.5 radio.
- October 2016 program – upcoming seminars and getting started with succession planning.
- November 2016 program – how will Trump’s election impact tax and succession issues.
- December 2016 program – end of year planning for blended and non-traditional families
- January 2017 program – farm business plans and estate taxes
- February 2017 program – plan for the future with powers of attorney for finances and health
- March 2017 program – know your farm’s value – update your asset list
- April 2017 program – benefits and pitfalls of gifting and valuing non-cash gifts
- May 2017 program – protect and build farm assets – tax reform
- June 2017 program – succession planning – handling expansions and changes to farm assets
- July 2017 program – trusts
- August 2017 program – health care insurance and powers of attorney for finances and health care
- September 2017 program – leases, options, and right of first refusal
- October 2017 program – end of year planning for annual gifting
- November 2017 program – consequences if the new tax law passes
- December 2017 program – don’t put off creating an estate plan because of unknown tax law changes
- January 2018 program – steps to create a succession plan
- February 2018 program – setting entity values – how & when
- March 2018 program – plan for the next generation
- April 2018 program – the importance of leases
- May 2018 program – review old Wills and estate plan documents every 3-5 years
- June 2018 program – planning for the next generation – what you own and how it’s titled
- July 2018 program – keep your tax advisor, banker and attorney involved in discussions about changes in farm operations
- August 2018 program – estate planning for young adults and protecting assets for families with young children
- September 2018 program – title assets correctly in blended families
- October 2018 program– plan for changes in enterprise & cash flow
- November 2018 program – be aware of tax law changes
- December 2018 program – time to tackle difficult planning subjects
- January 2019 program – tax issues you could face in 2019
- February 2019 program – considerations for nursing home care
- March 2019 program – beware of telephone scams
- April 2019 program – making health care decisions, no matter what your age
- May 2019 program – farm financial situations during challenging times
- June 2019 program – review your estate plan to deal with changing times
- July 2019 program – dealing with debt as part of your estate plan
- August 2019 program – gifting money to family members
- September 2019 program – using land contracts to transfer real estate
- October 2019 program – tax laws concerning gifting
- November 2019 program – prenuptial agreements for farms and rural property
- December 2019 program – title management issues
- January 2020 program – annual transition reviews
- February 2020 program – transferring ownership of farm
- April 2020 program – finalize planning documents even during COVID
- June 2020 program – understand what your insurance covers
- July 2020 program – hard decisions to make for your estate plan
- August 2020 program – don’t wait until the end of the year to plan
- September 2020 program – is a Trust the best tool?
- March 2021 program – change in assets may require change in estate plan
- April 2021 program – talk to your professionals to gather information to plan your farm transition
- May 2021 program – new administration, new tax laws, new estate plan?
- September 2021 program – planning for potential tax changes
- Stay tuned for more programs.