Illinois 1031 Exchange: A 1031 exchange allows Illinois real estate investors to postpone capital gains taxes by investing sale proceeds of a property in a like-kind property. The strategy preserves capital, increases cash flow, and grows investment portfolios. Requirements Like-Kind Property: Must be for investment or business purposes (e.g., rental buildings, commercial property). Qualified Intermediary (QI): Must conduct the transaction; …
As a renewable energy attorney with experience in solar energy leases, I understand the importance of maximizing benefits while protecting the interests of landowners. Solar energy projects offer landowners a lucrative opportunity to diversify their income streams. However, it’s crucial to navigate solar lease agreements with caution to ensure they adequately protect your best interests. In this blog, we’ll explore …
What was your path to law school? Did you always want to be a lawyer? When I was a very little girl, I wanted to be a lawyer but the truth was, I didn’t know many lawyers and I didn’t understand what they did. It wasn’t until I lived in Washington D.C. and interned in Capitol Hill in agriculture and …
While the word “trust” is often used to refer to certain legal instruments in the estate planning world, “land trust” is sometimes instead used to describe a nonprofit organization that holds an interest in land for conservation purposes or for the benefit of a certain community of people. In this blog, I review the concept of conservation land trusts. What …
What is a land trust? The use of the phrase “land trust” can often lead to confusion, as it relates to a few completely distinct concepts. On the one hand, a land trust may refer to an estate planning tool wherein title to the land is held by a trustee at the owner’s request. On the other hand, a land …
Owning your own business or investment portfolio can be incredibly rewarding. However, to preserve the fruits of your labor and dedication, you must do everything you can to protect it. Whether you seek to protect yourself, your investments, and your family from taxes, creditors, or probate, a family limited partnership (FLP) is a strategy worth considering. What is a family …
For years you and your tenant farmer have been working under an oral agreement regarding the farming of your real property. Now, for whatever reason, you need to terminate that agreement. How do you do this? Under Illinois law, farmland leases are subject to very specific rule. Whether leased on a crop share, livestock share, cash rent, or hybrid basis, …
What is a Farm Equipment Lease Agreement? A farm equipment lease is a long-term rental agreement between the owner of farm equipment (the lessor) and an individual or company that wishes to use the farm equipment (the lessee) in exchange for cash rent. Farm equipment leases are far from simple agreements. A properly drafted agreement will navigate the following five …
I was excited to record this episode with Beth Rumley while I was in New York City a few weeks ago getting an update on where we are with animal confinement laws on this episode of Ag Law Today. It was an update from Episode 46 found here. I am an adjunct at Vermont Law School online and several of …
There are two major considerations when selling beef in Illinois direct to the consumer. The first thing farmers should consider is how they want to sell their beef. Do you want to sell a percentage of the live animal, a percentage of processed beef, or an individual cut of beef? Depending on how you wish to sell your beef will …