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 …
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 …
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 …
Ten Legal Tips for the New Parent
Something must be in the air – I have a lot of friends having babies! Having a baby and becoming a parent for the first time is exciting, but also very scary. There are many legal implications of having a baby and/or expanding your family. Here are my top 10 tips to make sure that you take legal steps …
Choice of Business Entities Blog Series: The Limited Partnership
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 …
Succession Planning for Your Farming Business
Proud of my little cousin Austin Rincker- He made the cover of the Illinois Field and Bean last month (the flagship publication of the Illinois Soybean Association). He is noted in the article starting on page 6 titled “Successful Succession- Begin With the End in Mind.” If you follow this blog then you know how important succession planning for farms, …
Hear Me Talk Farm Estate and Succession Planning on Heritage Greenhorns Radio
I will be on Heritage Radio Network out of Brooklyn tomorrow, Tuesday, January 14, 2014 from 4-4:30pm ET during the Greenhorns Radio spot. My interview focuses heavily on the farm estate and succession planning (not purposefully – it’s just the way the conversation went). I’m a huge believer that families should have open and candid conversations about succession planning of …
Attending the 2013 Annual Agriculture Law Symposium
I am looking forward to the American Agriculture Law Association (“AALA”) Annual Meeting on October 31-November 2, 2013 in Madison, Wisconsin. You can find a brochure for the conference online here. If you’re there, please be sure to say hello. Of course I will be tweeting from the conference with the hashtag #AA13. The Annual Updates in Agriculture Law …