No one wants to discuss death and dying. And yet, it’s a critical time in everyone’s life and one for which we know we need to prepare. While many people have the desire to share their wishes, something is preventing people from openly communicating with their families. As an important part of estate planning, healthcare decisions need to be talked …
Farm Estate and Succession Planning
Farm Estate and Succession Planning from Cari Rincker I am excited to be speaking to the Indiana Master Class tonight on farm estate and succession planning. You cannot really talk about farm estate planning without also discussing business planning. To me, all three concepts are intertwined. Here is my powerpoint presentation. I’m passionate about helping farm families through transitions in …
Tips for Running a Family Biz
I was having my “Miracle Morning” this morning and catching up on the the news. I came this article in USA Today by Rhonda Abrams titled “8 Keys to Running a Family Business.” When I hear “family business,” I cannot help but think about multi-generational food and agriculture businesses. Here are Rhonda’s tips: Decides who does which job. Like a …
Designating an Agent for Funeral Arrangements
During estate planning many documents are prepared in order to designate an agent or agents in the event that you are not of sound mind and body and unable to make decisions on your own, such as a health care proxy, a living will, and a power of attorney. Additionally, New York State Public Health Law § 4201 allows a …
How are Executors to a Will Compensated in New York?
An executor is someone appointed by the decedent to carry out the instructions per the will and administer the estate (the balance of the decedent’s property as of his or her death). An executor’s duties include: 1. Having the will probated. Probate is the process by which the surrogate’s court determines if a will is valid. To make a valid …
Ask Cari: How are “Agents” to my “Power of Attorney” Compensated in New York?
Dear Cari, I have a New York Power of Attorney. It states that my “Agent” can have reasonable compensation. What does this mean? Miss C Miss C – In New York, an agent appointed in a Power of Attorney is entitled to reimbursement for reasonable expenses incurred on the principal’s behalf (you are the “principal”, Miss C). If a …
What Happens to my Digital Life When I Die?
The procedures for what happens to one’s estate when the person dies are well established. However, what happens to one’s digital lives (emails, Facebook accounts, Twitter, Instagram, Pinterist, blogging, Flickr photos) is not yet clearly established. Many people rely on the service providers’ terms of use regarding death. However, many states are working towards establishing codified procedures governing digital assets …
Using Life Insurance as a Farm Estate Planning Tool
Life insurance is a way to increase an estate’s value just by paying a monthly premium. In the case of a farm, the life insurance can be taken out by the parent, or by a child on the life of a parent. This can help alleviate complications that can arise if certain children wish to take over the farm and …
7 Important Farm Succession Planning Factors
Farmland is an important asset that should not be forgotten during estate or business planning. Even if farms will be passed down to future generations, estate planning should ensure that the parents are well taken care of for the remainder of their lives; provide for distribution of assets to descendants or other groups, individuals, or charities. Farm succession planning is …
Overview of Business Entities, Liability and Insurance for the Food and Agriculture Producer
[slideshare id=43294080&doc=grownyc-businessentitiesandinsurance-150107134228-conversion-gate02] I spoke last night to GrowNYC Greenmarket Farmers about choice of business entities, liability, and insurance. A copy of my presentation is available above. This presentation gives an overview of business entities (e.g., sole proprietorship, general and limited partnerships, limited liability companies, corporations, cooperatives), trusts and not-for profit corporations for farms and food businesses. It then goes on …