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), …
Overview of Common Estate Planning Documents for Farms
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 …
In 2013, Improve the “Default” Estate Plan for your Family Farm
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 …
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 …
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, …
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) …
Estate Planning is More Than Just Getting a Last Will and Testament
Many people think that “estate planning” is really just hiring a lawyer or downloading a program off the internet (which I do not suggest) to draft a Last Will and Testament. However, it’s more complicated than that. A good estate planning attorney will have you complete a questionnaire giving him/her information on your family tree, assets and liabilities in order …
Estate Planning Isn’t Just For the Elderly
Let’s face it. Estate planning is easy to push off. What’s another week… another month… another year… another five years… After all, I’m healthy. My spouse is healthy. We don’t have kids. We don’t have a lot of assets. I don’t care if what-little-I-do-have follows the rules of intestacy (i.e., the “default rules” if you die without a Last Will …
What Happens in Mediation Stays in Mediation
Because of my work on the Rule 1:40-12 Roster of Civil, General Equity and Probate Action Mediators in New Jersey (and recent mediation training in New York), I was reviewing the New Jersey Uniform Mediation Act this week. I wanted to stress something to my readers that may or may not be clear: (almost) everything that happens during mediation is …
Looking For New Year’s Resolution? How About Disaster Preparedness
Okay, so it’s not the most exciting New Year’s Resolution but it may be a whole lot more doable than dropping 30 pounds in 2012. On page 5 of this month’s Grassroots newspaper by New York Farm Bureau (“NYFB”) includes a nice submission by A. Edward Staehr of NY FarmNet about coping with a disaster (including grief counseling, recreating lost …
My Top 10 Law Blawgs in the Top 100 List (Drumroll please….)
To piggy back on this post announcing that this blog made the ABA Journal Top 100 Blawg List, I thought it would be appropriate to list a few of my favorites. Here are my top 10 (in no particular order): 1. Equine Law Blog – Alison Rowe, a fellow agriculture attorney, is an exceptional writer and brilliant equine lawyer in …