From the article “Communicating an Estate Plan to Heirs,” posted at Successful Farming at Agriculture.com: “For some children, money equals love. Therefore, if they receive fewer dollars, they assume they are loved less. With farm distribution, there are times when the farming heir appears to get a financial advantage on paper. Sometimes this may be […]
The key paragraph from an article discussing recent oral arguments at the Supreme Court on the Clean Water Act, a case called U.S. Army Corps of Eng’rs v. Hawkes Co., Inc: “The oral argument focused on whether the Corps jurisdictional determination meets the second condition of the Supreme Court’s test for identifying final agency action […]
Sometimes feel confused? Wonder why the left hand can’t understand what the right hand is supposed to be doing? Imagine what your family will feel like the day after you’ve passed on to the great beyond, then think about how a well-drafted trust might clear things up for them. I’ve written more than a few […]
“Family business succession planning is the cornerstone of any successful family business owner’s estate plan. As is often the case, however, planning for the inter-generational transfer of ownership and control of the business becomes complicated by the intra-generational conflicts of the business owner’s heirs. These onflicts among members of the second generation, if severe enough, can render the […]
Briefly, creating a conservation easement can allow you to receive good by doing good. Consider creating one on your property to protect “natural, scenic, or open space values of [that] real property, assuring its availability for agricultural, forest, recreational or open space use, protecting natural resources, maintaining or enhancing air or water quality, or preserving the […]
On the impact of the business structure of a farm on federal farm payment limitations: The structuring question also influences eligibility for the federal farm program payment limitation. Under the Federal Agriculture Improvement and Reform (FAIR) Act, of 1996 and earlier legislation, each “person” under one or more production flexibility contracts is eligible for a […]
Insurer Must Provide Defense for Farms Accused of Spraying Pesticide on Neighbor. Two key paragraphs: Rejecting an insurer’s arguments that multiple exclusions operated to preclude coverage, a Florida federal court judge ruled that two farms are entitled to a defense for a lawsuit accusing them of spraying pesticide on a neighboring farm. and The order […]
Actually, this is not a quote but a paraphrase of some information I found the other day on the Internet. Can’t remember the source–I think I may have found it on Farm Bureau website and repeated in a variety of other places, including a Nationwide Insurance brochure I discovered online. With that, this: Almost 97% […]
That happened in the Estate of Purdue case decided on December 28, 2015–less than three months ago. And you can read a brief summary of why in the instructively titled article Attention to How Your Farm Business is Organized Pays Off for the Heirs at Tax Time. Bottom line, a family limited liability company formed with […]
Farm and ranch estate planning and business planning involve countless choices and numerous wrenching decisions but none that ranks with pursuing fairness between and among the heirs.10 In almost every situation where it is planned for the farm or ranch business to continue into the next generation, and it appears that there will be both on farm heirs and off-farm heirs, the issue of fairness is […]