Can a Trust Keep the Family Farm Out of Probate in Illinois? In many situations, yes, but simply signing a trust document is not enough. For a trust to accomplish its intended purpose, the farm assets that are supposed to be governed by the trust generally need to be properly transferred or otherwise connected to the estate plan. That distinction …
For many families in Illinois, the farm is more than just land, it’s a livelihood, a legacy, and a way of life. When financial struggles hit, one of the biggest fears farmers face is losing the family farm to foreclosure. Can the bank really take my family farm? What Illinois farmers need to know is that the answer depends on …
Illinois 1031 Exchange: A 1031 exchange allows Illinois real estate investors to postpone capital gains taxes by investing sale proceeds of a property in a like-kind property. The strategy preserves capital, increases cash flow, and grows investment portfolios. Requirements Like-Kind Property: Must be for investment or business purposes (e.g., rental buildings, commercial property). Qualified Intermediary (QI): Must conduct the transaction; …
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 …