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Please Click HerePosted on August 9, 2019 by Ashley L. Hawley
The family farm has always been unique from an estate-planning perspective. Unlike many traditional businesses, a farm business typically holds a disproportionate amount of illiquid assets such as real estate, equipment, crops and livestock. It often has few liquid assets. Important planning needs to take place to deal with the incapacity or death of family-farm […]
Posted on June 26, 2019 by Steven P. Lipowski
It seems sometimes that no good deed goes unpunished. Landowners who permit access to their property for outdoor enthusiasts to engage in their favorite recreational activities – such as camping, hiking and hunting – could risk liability for doing so. But a Wisconsin law called the Recreational Use Immunity statute provides private landowners a layer […]
Posted on May 30, 2019 by Ruder Ware Alumni
Harry and Sally want to pass their farm operation to their children. Ideally, they would also like to receive some income from the farm. Because Harry and Sally do not have long-term care insurance, they are worried that if they need medical assistance (e.g., Medicaid) to help pay for long-term care such as a nursing […]
Posted on May 23, 2019 by Mary Ellen Schill
The sponsorship of a qualified retirement plan can be rewarding but frustrating – there are so many rules. Unfortunately agricultural employers are not given a break when it comes to sponsoring such retirement plans. Examples of qualified retirement plans are 401(k) plans, profit-sharing plans and money-purchase plans. Leaving the tax rules for another day — […]
Posted on April 22, 2019 by Amy E. Ebeling
Hosting an event is a great way to build community morale, gain exposure for the host and possibly even make a little money. Farms can make excellent venues for hosting all types of events. The farmer hosting an event should make it his or her goal that each event-goer is having too good of a […]
Posted on April 10, 2019 by Ruder Ware Alumni
Any prudent business obtains some level of insurance. Those periodic payments buy the peace of mind that insurance will step in when needed. In the event of certain unforeseen property damage, injuries or other losses, insurance provides the funds and legal support necessary for a business to avoid catastrophe. At least that’s how it should […]
Posted on February 22, 2019 by Matthew D. Rowe
Agricultural producers are often asked to enter into written contracts. Those contracts can cover a wide range of issues including buying equipment, leasing property and selling products. Although the subject matter varies widely, there are a number of issues that will typically apply to any business contract no matter what the subject matter. This article […]
Posted on November 16, 2018 by Amy E. Ebeling and Michael R. Wildeck
Sustaining a farm business over generations is something to be celebrated, but at the same time can be an enormous challenge. Besides the positive economic impact to the local community, there is also a public benefit from land held in farms that would otherwise be fragmented among a multitude of other owners. Studies have shown […]
Posted on November 15, 2018 by Amy E. Ebeling
A huge number of baby boomers have created or continued successful family owned farms. As they approach retirement the future of those farms hinges on their ability to successfully transition to a next generation. Less than 30 percent of family farms successfully transfer to a subsequent generation. A clear succession plan is the most important […]
Posted on September 25, 2018 by Christopher M. Seelen
Farmers may have wondered how a neighbor or someone else filing bankruptcy can keep his or her house. The answer is exemptions. Exemptions are assets that can be kept from unsecured creditors. The Wisconsin Legislature didn’t want debtors on the street with no assets so it created exemptions. The Wisconsin homestead exemption allows a debtor […]