Don’t be afraid to have open and honest conversations with your family about estate and succession planning. “The only thing certain in life is death and taxes,” Ben Franklin famously said; so let us not make the topic taboo. In order for a farm or agri-business to successfully pass to the next generation (if that is what you want), …
My Presentation on Local Food Law at Pace Law School
I gave the below presentation at Pace Law School last night. It was great being back at my alma mater. The recording is available for purchase from Pace Law School’s CLE program. Jason Foscolo handled the first part of the presentation speaking on direct marketing, food labeling, the Food Safety Modernization Act and raw milk. I touch upon several other …
Mediator for the New York State Agriculture Mediation Program (NYSAMP)
Since completing the mediation apprenticeship program with the New York Peace Institute, my Community Dispute Resolution Center (“CDRC”) in Manhattan and Brooklyn, I have been admitted to the roster of mediators for the New York State Agriculture Mediation Program (“NYSAMP”). NYSAMP works with the CDRC’s in each country throughout New York to provide free mediation services for the New York …
New York Estate Planning, Medicaid & Trusts
Happy New Year’s Eve! For those of you thinking about your New Year’s Resolutions for 2013, I recommending getting your estate planning in order. Kudos goes out to Daniel Timins, a law school classmate of mine, for putting together some excellent New York estate planning and medicaid presentations. This presentation gives a nice overview of New York Medicaid. The presentation …
Succession Planning for the Family Farm
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, …
Grow NYC Report on Greenmarket Farmers: “Farmers on the Edge”
Last month, I had an opportunity to visit with someone at Grow NYC (who runs Greenmarket), who shared this report with me (funded by the Doris Duke Charitable Foundation): “Farmers on the Edge: An Assessment of Greenmarket Farmers’ Needs, and the Growing Challenges of Keeping Their Farms Viable.” I finally had an opportunity to review the report in detail. It …
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, …