We have reached that time again where the repeal of the federal estate tax exemption boogeyman (the “Repeal Boogeyman”) is being trotted out by many.  This is the fourth time in my 18-year career this has happened.  Before addressing the Repeal Boogeyman more, let us first look at where things stand as to the federal estate tax exemption. Next year, any person with a pulse will be able to shield $13,610,000 from the federal estate tax.  Together, a married couple can shield $27,220,000.  In 2025, this amount will increase until the estate tax D-Day /Armageddo ..read more

Medicaid – What is it and why should you (and your farm) should care? Our law firm frequently gets calls from clients wanting to inquire about making a Last Will and Testament or appointing someone as Power of Attorney.  This is quite often prompted by the death of a loved one, the diagnosis of an unexpected illness, or being told of a negative estate experience by a friend or neighbor.  Estate planning at any stage of life is something we would always encourage, but there is an aspect of planning that we often times find overlooked and that is planning in advance for Medicaid. Ther ..read more

             I have read farm magazines for the vast majority of my life and still do.  Although I do most reading via the internet, there’s something about reading a printed farm magazine that I just can’t get out of my system.  Prior to the last five years or so, I don’t recall seeing a lot of “farm retirement” auction advertisements.  Sure, they were there, but they seem to have picked up during the last downturn in the farm economy.   I figured it was a lot of farmers who did not care to weather another economic downtur ..read more

                   If I did not farm, or was oblivious to grain prices, there would be one barometer that I could rely on to know what the price of grain is doing, and that is how many phone calls I get regarding oral farm leases and the timing necessary to terminate them.   Every time grain prices go up, I get numerous calls from farmers who have been farming a piece of land under an oral lease, only to find out that the landlord has decided to lease to someone who will pay a higher price.  Because ora ..read more

      (Note: This is part 5 of a 5-part series regarding the authors’ view that farm estate planning in this country is broken and needs fixed, especially in light of “Farm Estate Armageddon” that will happen this decade when ¼ of all farmers retire and 2/3 of all farmers will be over the age of 65.  Past articles can be viewed at www.farmlegacy.blogspot.com.               The year was 2007.  I was 2 years into practicing law and once a month my dad and I would meet with fellow farmers at a neighboring farm to ..read more

Midwest Professionals to Host Free Seminar to Assist Farmers            Please consider joining us for an upcoming seminar that will focus on current issues farmers are facing due to the downturn in the agricultural sector.  We are hopeful these topics will give farmers valuable information that can assist them during these difficult times.  N ..read more

If there is one thing I wish I could get clients to understand is the fact that even if your farm has liability insurance, you are likely under insured with your current liability coverage.   Essentially, if you have a million dollars of coverage, or several million, the coverage is peanuts now days.  How big a bag of peanuts? Well, here in Indiana we recently had a whopping 35 million dollar verdictagainst a defendant for causing an accident that left the plaintiff a quadriplegic.  Similar verdicts have been handed down across the country as of late.   You ca ..read more

     Traditional Method of Farm Succession Planning Broken…. Here is How to Fix it. Part IV-A Few LLCs Can Lead to Fairness. (Authors’ Note:  This will be a several part series discussing why the current method of farm estate and succession planning is not working)  This is part 4 of a 5-part series regarding the authors’ view that farm estate planning in this country is broken and needs fixed, especially in light of “Farm Estate Armageddon” which will happen this decade when ¼ of all farmers retire and 2/3 of all farmers will be over the age of 65.  Past articl ..read more

  (Authors’ Note:  This will be a several part series discussing why the current method of farm estate and succession planning is not working)  This is part 3 of a 5-part series regarding the authors’ view that farm estate planning in this country is broken and needs fixed, especially in light of “Farm Estate Armageddon” that will happen this decade when ¼ of all farmers retire and 2/3 of all farmers will be over the age of 65.  Past articles can be viewed at www.farmlegacy.blogspot.com.              Why is farm ..read more

     Part II-Reasons Plans Do Not Get Established.   (Authors’ Note:  This will be a several part series discussing why the current method of farm estate and succession planning is not working)  Last month we discussed the fact that statistics show that in the past 10 years, there really has not been much in the form of improvement as to estate and succession plans being created by farmers.    Overall, 75% of farms in the country do not have a succession plan, and that number is roughly the same from ten years ago.  Probably a good follow up an ..read more