Creating a will or a trust should be a priority for several important reasons, including the following: Handling Digital Accounts Almost everyone has at least one account or digital presence online. Think about all your photos stored in the cloud, as well as your emails, social media profiles, online shopping accounts, online payment platforms (e.g., Venmo or PayPal), and online …
For many families in Illinois, the farm is more than just land, it’s a livelihood, a legacy, and a way of life. When financial struggles hit, one of the biggest fears farmers face is losing the family farm to foreclosure. Can the bank really take my family farm? What Illinois farmers need to know is that the answer depends on …
Access to financing is essential for today’s farmers, whether it’s to buy seed, livestock, new machinery, or even farmland itself. But before committing to a loan, it’s important to understand the risks and obligations involved. Below, we share what every farmer needs to know about farm agreements in Illinois. Farm credit contracts can affect not only your financial stability but …
The idea of one-size-fits-all no longer fits a world where people expect products and services to be tailored to their individual preferences. The estate planning world, long rooted in tradition, has relied on time-tested tools such as trusts to plan for what happens to a person’s money and property. However, a nontraditional variation known as a directed trust has gained …
The United States is in the midst of the largest generational wealth transfer in history. Over the next few decades, baby boomers are expected to pass down an estimated $84 trillion in money and property, around $18–19 trillion of it related to residential real estate. For millions of younger Americans, this means inheriting a parent’s or grandparent’s home. But while …
Business Structure Options for Farms in Illinois: LLCs, Partnerships, and CorporationsBusiness Structure Options for Farms in Illinois: LLCs, Partnerships, and CorporationsRunning a successful farm is not only about planting crops and raising livestock, but also about protecting your assets and planning for the future. Business structure options for farms in Illinois: LLCs, partnerships, and corporations to protect farmland and operations …
Divorce is never easy, but when a family farm is involved, the legal and financial stakes can become even more complicated. Many farmers facing separation wonder: what are the common issues in a farm divorce in Illinois? From dividing farmland and business operations to valuing equipment, debts, and inheritance, the process brings unique challenges. Because farmland often represents both income …
One Big Beautiful Bill Act The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, and contains key tax and spending policies. It permanently increases federal estate, gift, and generation-skipping transfer tax exemptions to $15 million for individuals and $30 million for married couples. Cattle and Emissions Regulations The National Cattlemen’s Beef Association (NCBA) won …
In today’s farming and agribusiness world, protecting IP: trademark basics for farmers and ag businesses has become more important than ever. Farmers and agricultural businesses are no longer just selling grain or livestock to local markets, they are creating recognizable brands, marketing products across state lines, and building reputations that need legal protection. Whether you are selling farm-branded beef, organic …
The relationship between landowners and tenants is at the heart of many agricultural operations. Illinois farm leases define how farmland is used, who bears the risks, and how profits are shared. Whether you’re a landowner looking to protect your property or a farmer wanting fair terms, understanding farm leases in Illinois is essential. In this blog, we share the most …
When it comes to divorce, one of the most complex issues for farm families is the division of farmland in an Illinois divorce. Unlike dividing up a bank account or household items, farmland often represents not just property but also a source of income, a family legacy, and a livelihood. In this blog, we share how Illinois courts typically handle …
Prenuptial agreements aren’t just for celebrities or high-net-worth couples, they are a vital tool for Illinois farm families who want to safeguard their land and livelihood. Divorce can create serious risks for farmers, including the forced sale or division of farmland that has been in a family for generations. That’s why many agricultural families ask: what should a farm prenup …