For each season, there is planning that you must do on the farm. In order to be successful, this planning must be done thoughtfully and in advance. Your life is no different. To properly plan for the next season in your life and the lives of your family, a well-executed estate plan is a must. Below are a few documents …
Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers fail to make an estate plan. The farm or ranch that has been passed down for generations then ends up being sold and converted into non-agricultural use, cutting the legacy short and ending …
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 …
I was asked this question by a farm journalist. My response is below. Mistake #1: Believing that having a Last Will and Testament is an “estate plan.” Many people think that “estate planning” is really just hiring a lawyer to draft a Last Will and Testament; however, it’s more complicated than that. A good estate planning attorney will have you …
Despite popular belief, the succession and estate planning process is more than just getting a Last Will and Testament – it’s taking a solid look at your estate planning goals and coming up with a plan that works for you and your family farm (no matter the size). I think it’s really important for family farms to “improve the default …
I make no secret on this blog about my passion for farm estate and succession planning. It is oftentimes pushed aside to be dealt with later. I wanted to note that I was interviewed by Farm Journal in this article regarding the improvement of the “default” estate planning for the family farm. I suggest that my readers look into the …
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 …
To my beloved readers… It’s that time of year again when the American Bar Association (“ABA”) is searching for the best 100 law blogs (“blawgs”). Last year, I made the coveted list and would love to do again.. but can only do so with your help. If you are a fan of this Food, Farm & Family Law Blog please …
This is the presentation that I gave last month on sustainability in agriculture at the Association of the Bar for the City of New York. In case you missed it, you can also read my previous posts on the definitions of sustainable agriculture and “Big Ag.” [slideshare id=12960919&doc=sustainabilitydevelopmentsinbigagriculture-120516144621-phpapp01] Thank you to Red Letter Day Graphic Design for helping me with imbedding …
I spoke last month on sustainability in “Big Agriculture.” It got me thinking. What exactly is “Big Agriculture?” How do we define what is or is not “Big Ag?” And when did it become a bad name? Is it whether a farm is owned by a family or a corporation? 97% of farms are family owned. What if shareholders of …
The National Agriculture Law Center has reported that approximately 90% of agricultural operations do not survive the transition to the next generation. I have to say- that statistic is a bit alarming. The primary reason for this is poor succession planning. Estate planning is just one part of workable succession plan. Estate planning focuses on asset distribution while succession planning …
I really enjoyed reading the article by Don Tyler titled “Working with Family — Hiring (and Firing) Family Members in this month’s Feedlot magazine (pages 36, 38). It reminded me of the unique challenges that family businesses must face — whether it is a family farm/ranch or any other type of business. Intra-family dynamics can seriously affect the day-to-day operations …