Ask Cari: Q & A on Farm/Ranch Estate and Succession Plan

Rincker Law Food & Ag Law Leave a Comment

How can the property and finances be split if a succession plan is Not in place? If you don’t have a plan in writing with a Last Will and Testament, Trust and/or business formation documents (e.g., Operating Agreement or Bylaws) then the law will decide for you.  Everybody has an estate plan- it’s what the “default rules” are in your …

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3 Minute Survey on Farm Estate Planning

Rincker Law Estate Planning, Food & Ag Law Leave a Comment

I am working on a video series on farm estate, business and succession planning.  I would like to get a better feel for what is actually happening in this arena in agriculture.  I have a quick 26 question survey on the topic and it would mean a lot to me if you would take a few minutes to answer these …

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6 Considerations for Passing Down a Family Business

Rincker Law Business/Commercial Law Leave a Comment

You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put plans in place in advance. The failure to do so could …

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Ask Cari: What are Some Considerations for Farm or Ranch Divorces?

Rincker Law Ask Cari, Family/Matrimonial Law, Food & Ag Law Leave a Comment

Since practicing family law in Central Illinois, I have had a lot of farm divorces.  Hear me discuss three considerations for farm and ranch families going through a divorce here.

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Family Law Issues with Agriculture: Estate and Succession Planning

Rincker Law Family/Matrimonial Law, Food & Ag Law Leave a Comment

It is uncommon for agriculture producers and business owners to consider estate planning and succession planning for their agriculture operation in the midst of a divorce; however, divorcing farm families should consider this while negotiating the division of marital assets. These assets may include the farm or ranch business and its assets. After all, divorce is one of the Big …

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Illinois Agriculture Law: Farm Estate and Succession Planning

Rincker Law Estate Planning, Food & Ag Law Leave a Comment

This presentation will be given to the Illinois Beef Association this Thursday in Galina, Illinois, at its annual meeting. It discusses the differences between estate planning, succession planning and business planning. Then it delves into the Who, What, When, Where, How and How Much. It too discusses how to have those difficult conversations and using mediation in this process. [slideshare …

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Beef Roundtable Appearance on Farm Estate and Succession Planning

Rincker Law Food & Ag Law Leave a Comment

Hey, I’m a YouTuber!  I was a guest this fall on the Purdue University Beef Roundtable on farm estate and succession planning along with Dr. Paige Pratt.  You can check out the video here.

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Tips for Running a Family Biz

Rincker Law Business/Commercial Law, Family/Matrimonial Law, Food & Ag Law Leave a Comment

I was having my “Miracle Morning” this morning and catching up on the the news.  I came this article in USA Today by Rhonda Abrams titled “8 Keys to Running a Family Business.”  When I hear “family business,” I cannot help but think about multi-generational food and agriculture businesses.  Here are Rhonda’s tips: Decides who does which job.  Like a …

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7 Important Farm Succession Planning Factors

Rincker Law Food & Ag Law 1 Comment

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 …

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Why Your Farm Estate Plan Should be Revisited Every Few Years

Rincker Law Estate Planning, Food & Ag Law Leave a Comment

It is prudent to revisit your estate plan every 3-5 years or when there is a major life event (e.g., marriage, divorce, purchase/sale of major assets, bankruptcy, children). Estate planning leads to business planning, which leads to tax planning, which leads to business succession, which should lead to disaster planning, which may lead to federal farm program planning, which should …

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With Farm Estate Planning, Start With Your Goals

Rincker Law Estate Planning, Food & Ag Law Leave a Comment

Your objectives will drive the entire estate-planning process, so it is important to clearly articulate your goals. These goals should serve as a guidepost to your estate-planning attorney in helping to formulate the correct game plan. It might not be possible to fully meet all of your goals; therefore, when you meet with your estate-planning lawyer, make sure to emphasize …

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