A new and improved, more user-friendly Kindle version of the “Field Manual: Legal Guide for New York Farmers and Food Entrepreneurs” is available on Amazon.com here for $9.99. If you purchase the hard-copy of the book, the Kindle version is only an additional $2.99 – a cheap way to make sure that the “Field Manual” is always with you… and your Kindle/iPad/Tablet. …
Why Your Farm Estate Plan Should be Revisited Every Few Years
It is prudent to revisit your estate plan every 3-5 years or when there is a major life event (e.g., marriage, divorce, purchase/sale of major assets, bankruptcy, children). Estate planning leads to business planning, which leads to tax planning, which leads to business succession, which should lead to disaster planning, which may lead to federal farm program planning, which should …
My Presentation on “Getting Paid” at the American Agriculture Law Association Annual Meeting
Had a great time at the American Agriculture Law Association (“AALA”) Annual Meeting this past week. I moderated a roundtable discussion on “Getting Paid: Billing and Collection Strategies for the Food and Agriculture Lawyer.” My presentation has none of the answers – only the questions! However, I did provide a substantive outline for the attendees that is located here. The …
Keep Your Pets in Mind with Your Estate Plan
Farms and pets go hand-in-hand. There are three vehicles that can be used to protect your pets (including horses) after you die: 1) Last Will and Testament, 2) Pet Trusts, and 3) Pet Protection Agreement. Last Will and Testament: In New York, pets are considered personal property like a car or a diamond ring. It should be noted that wills …
Breaking Down the Basics – Some Farm Estate Planning Definitions
Knowing these basic estate-planning definitions may be helpful in any conversation you may have with an estate planning professional: A Last Will and Testament (usually just called a “will” for short), is a document that gives your directions on what to do with your property when you die. It takes effect only after you have actually died, and it must …
With Farm Estate Planning, Start With Your Goals
Your objectives will drive the entire estate-planning process, so it is important to clearly articulate your goals. These goals should serve as a guidepost to your estate-planning attorney in helping to formulate the correct game plan. It might not be possible to fully meet all of your goals; therefore, when you meet with your estate-planning lawyer, make sure to emphasize …
Partnership Agreements for Farmers, Agri-businesses and Food Entrepreneurs
Farmers, agri-businesses and food entrepreneurs are highly encouraged to put the terms of an agreement in writing. Simple partnership agreements are also recommended for agreements to share ownership in one livestock animal, such as a bull, ram, boar, or show animal. Partnership agreements serve several purposes. First, absent a partnership agreement, the New York “default rules” will apply. Second, when …
So What About a Heifer Lease?
Perhaps you have heard about a bull lease – so what about a heifer lease? Here are a few suggested terms for a heifer lease: 1. Name and address of owner of the heifer (What is the name on the registration paper, if applicable?) 2. Name and address of the lessee (individual or farm name) 3. Name, date of birth, registration number, …
Hobby Farm Rules
Those who are just beginning a farm operation or food business, those who work off-farm or those who are slowly withdrawing from farming would do well to familiarize themselves with the Internal Revenue Code § 183, “Activities Not Engaged in for Profit,” occasionally referred to as “The Horse Shelter” or “Hobby Loss Rules.” IRC § 183 is designed to prevent …
A Primer on Matrimonial Law in New York
I will be giving an overview of New York divorce law at Fordham Law School on January 24, 2015 for the Bridge the Gap CLE along with Veronica Escobar titled “A Primer on Matrimonial Law in New York.” Veronica and I will give an overview of New York matrimonial law beginning with the two different paths to divorce: the contested …
Choice of Business Entities Blog Series: The Cooperative
I am oftentimes asked about the best choice of business entity for a farm/ranch, agri-business or food entrepreneur. There is no one-size fits all answer to that question as each type of business entity offers different strengths and weaknesses. It is important to pick the right business entity for your specific type of enterprise – the answer to that question …
Choice of Business Entities Blog Series: The Limited Liability Company
I am oftentimes asked about the best choice of business entity for a farm/ranch, agri-business or food entrepreneur. There is no one-size fits all answer to that question as each type of business entity offers different strengths and weaknesses. It is important to pick the right business entity for your specific type of enterprise – the answer to that question may …