A few months ago, Feedstuffs magazine published an interesting article by Rod Smith discussing the obstacles that young farmers face. It reminded me of the importance of succession planning for the family farm. “More than a third of U.S. farmers are 65 years old or older, according to the U.S. Department of Agriculture” — a statistic that many of us …
Difference Between Owning Property at Death as Tenancy in Common or Joint Tenancy with Rights of Survivorship
I’ve enjoyed reading this book by Neil Harl on farm and estate planning. Harl does a nice job illustrating the difference in holding property at death in Tenancy in Common vs. Joint Tenancy (with rights of survivorship). Harl explains (page 22), “[a]t death of a tenant in common, that individual’s undivided interest passes to that individual’s heirs under state law …
Does Your Farm or Agri-Business Need a “Power Audit?”
I really love Neil Harl’s book titled “Farm Estate & Business Planning.” He briefly talks about the “power issue” when it comes to farm families and warns folks to consider this issue when formulating an estate plan. He illustrates this point with the following example: “An aggressive, able farmer died unexpectedly just days short of his 50th birthday. The business, …
Build a Management “Team” For Your Family Farm or Agri-Business
One of the biggest hurdles in successfully passing down a family business (with any kind of family business) is training its successors. Same is true with family farming operations or agri-businesses, which require specialized knowledge and skill sets. Failure to do so adequately can mean the end to a family business with the manager deceases or is no longer able …
NBI Webinar: Estate Planning for Farmers and Ranchers
The National Business Institute (“NBI”) will be having a substantive webinar on October 3, 2012 from 11:00am to 6:00pm ET (that’s no typo – it’s a 7 hour webinar…). It’s a little pricey for a webinar but if you are interested in this topic (like me) then I think it’ll be worthwhile. Topics for the webinar include the following: (1) …
Determining Your Goals For the Estate Planning Process
For those of you who have decided to charge ahead with an “estate plan” for your family, it’s important to really think about your goals of the estate planning process. Your objectives will help guide the entire estate planning process and will be a guidepost to your estate planning attorney in helping formulate the correct game plan. As a caveat, …
Estate Planning is More Than Just Getting a Last Will and Testament
Many people think that “estate planning” is really just hiring a lawyer or downloading a program off the internet (which I do not suggest) to draft a Last Will and Testament. However, it’s more complicated than that. A good estate planning attorney will have you complete a questionnaire giving him/her information on your family tree, assets and liabilities in order …
Estate Planning Isn’t Just For the Elderly
Let’s face it. Estate planning is easy to push off. What’s another week… another month… another year… another five years… After all, I’m healthy. My spouse is healthy. We don’t have kids. We don’t have a lot of assets. I don’t care if what-little-I-do-have follows the rules of intestacy (i.e., the “default rules” if you die without a Last Will …
Animal Law Mediation
I was recently asked whether I handle animal law mediation. And the answer is, “why yes I do.” I am a previous member of the New York State Bar Association Committee on Animals in the Law, New Jersey State Bar Association Committee on Animal Law, and the New York Lawyers’ Association Committee on Animal Law. I have also had …
Looking For New Year’s Resolution? How About Disaster Preparedness
Okay, so it’s not the most exciting New Year’s Resolution but it may be a whole lot more doable than dropping 30 pounds in 2012. On page 5 of this month’s Grassroots newspaper by New York Farm Bureau (“NYFB”) includes a nice submission by A. Edward Staehr of NY FarmNet about coping with a disaster (including grief counseling, recreating lost …
Thinking About the Next Generation
The National Agriculture Law Center has reported that approximately 90% of agricultural operations do not survive the transition to the next generation. I have to say- that statistic is a bit alarming. The primary reason for this is poor succession planning. Estate planning is just one part of workable succession plan. Estate planning focuses on asset distribution while succession planning …
What Should Be Kept Within a Fire Proof or Safe Deposit Box?
Your safe deposit box should have original papers while photocopies should be kept at home. For example, original birth certificates, marriage certificates, death certificates, divorce decrees, deeds, titles to automobiles, citizenship papers, adoption papers, veteran’s papers, and contracts (e.g., partnership agreements) should be kept in a fire proof box while photocopies should be kept at home. Furthermore, I recommend keeping copies …