The estate plan needs to be started early when the parents are still able to go to a lawyer without the kids involved. They need to talk to the kids and start a plan around their wishes. Then update the plan as time goes on and changes happen. They also need to take into account the surviving spouse and their care. A care agreement is necessary to protect the parents if/when they become vulnerable and unable to deal with their estate without help. That’s when things get crazy. Add in pressures to sell farmland to enterprising entities or neighbors and it is an ugly picture. Families get split over this forever if the kids end up duking it out. And often the farm is the first to go as the as the kids that want out want their share of assets.
I just heard about the BOI reporting requirement for LLCs not sure if this applies to anyone on the farm but it’s due by January 1 2025 or you can get $500 a day fines.
Those 3 need to consider the fact that because the older sibling stayed on the farm enabled the farm to build and put those who wanted to go to college.
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The estate plan needs to be started early when the parents are still able to go to a lawyer without the kids involved. They need to talk to the kids and start a plan around their wishes. Then update the plan as time goes on and changes happen. They also need to take into account the surviving spouse and their care. A care agreement is necessary to protect the parents if/when they become vulnerable and unable to deal with their estate without help. That’s when things get crazy. Add in pressures to sell farmland to enterprising entities or neighbors and it is an ugly picture. Families get split over this forever if the kids end up duking it out. And often the farm is the first to go as the as the kids that want out want their share of assets.
I just heard about the BOI reporting requirement for LLCs not sure if this applies to anyone on the farm but it’s due by January 1 2025 or you can get $500 a day fines.
@debbiejahnke8724 any managers listed during formation or anyone with interest in a formed LLC needs to be included in the BOI.
Those 3 need to consider the fact that because the older sibling stayed on the farm enabled the farm to build and put those who wanted to go to college.
Trying to keep your life's work away from the government . Then having family that don't understand what it took to farm threw thick and thin.
Market is opposite what sue says
$30 beans next year?? 😂
Hopefully!