How can the property and finances be split if a succession plan is Not in place? If you don’t have a plan in writing with a Last Will and Testament, Trust and/or business formation documents (e.g., Operating Agreement or Bylaws) then the law will decide for you. Everybody has an estate plan- it’s what the “default rules” are in your …
I am working on a video series on farm estate, business and succession planning. I would like to get a better feel for what is actually happening in this arena in agriculture. I have a quick 26 question survey on the topic and it would mean a lot to me if you would take a few minutes to answer these …
Going into business for yourself is a risky endeavor. From investing in goods and services and hiring employees to simply carrying out the daily tasks related to your business, each step is fraught with risks. This is especially true given the litigious nature of our society. As a result, many entrepreneurs employ asset protection strategies. Asset protection is a form …
I was speaking a few nights a go to a crew of cattlemen about how to start the conversation with family members on estate and succession planning. I recommended that if the conversation is particularly challenging to start to consider hiring a mediator (or even a virtual mediator) who understands agriculture to move the conversation along; however, what has worked …
As I noted in this video blog, for those looking to accomplish something (important) from home during the COVID-19 stay-at-home order, here are three things that you can do to get your estate planning documents up to date: Organize Your Documents One tip is to have an emergency document or “cheat sheet.” That way, all of your key information is …
I have already heard of several cases from family, friends, and colleagues about family members (even spouses and children) being restricted from seeing patients affected by illness and COVID-19. This is extremely sad because loved ones in comas or other dire circumstances are unable to be comforted by their family and friends. They are also unable to communicate their wishes …
You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put plans in place in advance. The failure to do so could …
Oftentimes folks who are getting a divorce, do not think about estate planning concerns but this is an especially important issue for multi-generational farm and ranch families, Read my fact sheet with the National Agriculture Law Center on this very topic here. All of the family law issues in agriculture Fact Sheets can be found here.
It is uncommon for agriculture producers and business owners to consider estate planning and succession planning for their agriculture operation in the midst of a divorce; however, divorcing farm families should consider this while negotiating the division of marital assets. These assets may include the farm or ranch business and its assets. After all, divorce is one of the Big …