Published Mar 20, 2019
Understanding Farm Succession Planning Finding time to talk to your family about succession planning for your farm may be difficult... What you should know up front about transitioning your farmUnlike estate plans, which concentrate on tax liabilities and the various ways to lessen the tax burden, succession plans focus on the future of the farm... When you decide to retire, your farm succession plan may include:Transferring or selling ownership to a vested family member... Determine the desired end resultConcentrate on the desired final outcomes of the succession... Are you being pressured to sell by those who don’t share your love of the land?Getting it right the first timeSuccession plans sometimes fail because certain risks were not considered during the planning stages, including:Inadequate cash flowLiquidation of some assets to provide for retirementPoor farm estate planningUnresolved issues between family members or a successor who’s not prepared to lead and manage the farm businessIt’s important to enlist the help of qualified professionals who don’t have a stake in the final decisions...
Categories: Agribusiness
By Future Loans
Published Nov 1, 2020
Before you take out a business loan, you need to understand the difference between secured and unsecured loans so you can choose the best option for your business. The biggest difference between secured loans and unsecured loans is that secured loans require you to pledge collateral and unsecured loans don’t. Unsecured loans are provided based purely on a borrower’s ability to repay. So, if the borrower defaults the lender can sue; however, they won’t have liens against any of the borrower’s property, so they can’t foreclose on and seize any property to get their money back. [Read related article: Unsecured business loans definedBecause unsecured loans aren’t attached to any collateral, they are riskier for lenders...
Categories: Agribusiness, Farmland and Real Estate, Succession Planning
Job Title: Farmer, Landowner, Other Ag Professional, Ag Banker
Interests:
Corn, Organic Row Crops, Soybeans, Wheat, Crop Protection, Fertility, Soil Health, Apps, Precision Agriculture, Ag Commentary, Marketing, News, Accounting and Bookkeeping, Ag Policy, Agribusiness, Farm Management, Farmland and Real Estate, Operating a Farm, Succession Planning, Projects, Purchasing, Shops, Conservation Easements, Conservation Plans, Cover Crops, NRCS, Fishing, Hunting, Timber
Job Title: Other Ag Professional, University Professor And Extension Specialist
Interests:
Corn, Wheat, Beef, Feed, Grass-Fed Livestock, Specialty Livestock, Crop Protection, Soil Health, Sustainable Agriculture, Ag Commentary, Marketing, News, Accounting and Bookkeeping, Ag Policy, Agribusiness, Farm Management, Farmland and Real Estate, Human Resources, Operating a Farm, Succession Planning, Taxes, Purchasing, Repair, Cover Crops, NRCS
Business Title: Farm Flight
Job Title: Other Ag Professional, CEO
About: Hi! I am a partner at Farm Flight LLC. Our goal as a company is to make high-resolution and consistent imagery available to anyone who wants it. With the use of drones, we are able to highlight and quantify important data points at affordable and consistent rates, saving you time and money.
Interests:
Corn, Cotton, Peanuts, Soybeans, Wheat, Vegetables, Rice, Canola, Sorghum, Cover Crops, Ag Policy, Precision Agriculture, Organic Row Crops, Irrigation, Marketing, Agribusiness, Apps, Telemetry, Ag Commentary, News, Accounting and Bookkeeping, Farm Management, Farmland and Real Estate, Human Resources, Operating a Farm, Succession Planning, Taxes, Projects, Purchasing, Repair, Shops, Tools, Conservation Easements, Conservation Plans, NRCS, Hemp, Orchard Crops, Organic Specialty Crops, Tree Nuts, Fishing, Homesteading, Horses, Hunting, Timber, Tobacco
Business Title: Sorrels Farms, J And R Custom Farming, And Sorrels Custom Harvesting
Job Title: Farmer, Farm Manager or Employee
Interests:
Cotton, Soybeans, Wheat, Vegetables, Canola, Sorghum, Beef, Cover Crops, Ag Policy, Precision Agriculture, Irrigation, Marketing, Agribusiness, Corn, Dairy, Grass-Fed Livestock, Specialty Livestock, Feed, Crop Protection, Fertility, Soil Health, Crop Scouting, Apps, Telemetry, News, Ag Commentary, Farm Management, Succession Planning, Operating a Farm, Farmland and Real Estate, Projects, Shops, Purchasing, Repair, Tools, Conservation Easements, Conservation Plans, NRCS, Homesteading
Job Title: Farmer
Interests:
Organic Row Crops, Ag Commentary, Marketing, News, Accounting and Bookkeeping, Ag Policy, Farm Management, Farmland and Real Estate, Operating a Farm, Succession Planning, Taxes, Projects, Purchasing, Repair, Shops, Tools, Conservation Easements, Conservation Plans, Cover Crops, NRCS, Hemp, Organic Specialty Crops, Timber, Tobacco
Business Title: Peoples Company
Job Title: Other Ag Professional, Real Estate Agent
Interests:
Corn, Organic Row Crops, Soybeans, Wheat, Beef, Dairy, Feed, Swine, Irrigation, Soil Health, Sustainable Agriculture, Precision Agriculture, Ag Commentary, Marketing, News, Accounting and Bookkeeping, Agribusiness, Farmland and Real Estate, Operating a Farm, Succession Planning, Projects, Purchasing, Conservation Easements, Hemp, Hunting, Timber
Business Title: AGROPHILIE FARMS
Job Title: Farmer, Landowner, Farm Manager or Employee, Other Ag Professional, Poultry
Interests:
Corn, Organic Row Crops, Wheat, Poultry, Crop Scouting, Fertility, Irrigation, Sustainable Agriculture, Precision Agriculture, Telemetry, Ag Commentary, Marketing, News, Agribusiness, Farm Management, Human Resources, Operating a Farm, Succession Planning, Projects, Purchasing, Tools, Conservation Easements, Conservation Plans, Cover Crops, Organic Specialty Crops, Vegetables, Fishing
Job Title: Farmer
Interests:
Corn, Soybeans, Wheat, Poultry, Crop Protection, Crop Scouting, Fertility, Soil Health, Sustainable Agriculture, Apps, Precision Agriculture, Telemetry, Accounting and Bookkeeping, Agribusiness, Farm Management, Farmland and Real Estate, Operating a Farm, Succession Planning, Repair, Shops, Tools, Cover Crops
Job Title: Farmer, Landowner, Other Ag Professional, Ag Banker
Interests:
Corn, Organic Row Crops, Soybeans, Wheat, Crop Protection, Fertility, Soil Health, Apps, Precision Agriculture, Ag Commentary, Marketing, News, Accounting and Bookkeeping, Ag Policy, Agribusiness, Farm Management, Farmland and Real Estate, Operating a Farm, Succession Planning, Projects, Purchasing, Shops, Conservation Easements, Conservation Plans, Cover Crops, NRCS, Fishing, Hunting, Timber
Job Title: Other Ag Professional, University Professor And Extension Specialist
Interests:
Corn, Wheat, Beef, Feed, Grass-Fed Livestock, Specialty Livestock, Crop Protection, Soil Health, Sustainable Agriculture, Ag Commentary, Marketing, News, Accounting and Bookkeeping, Ag Policy, Agribusiness, Farm Management, Farmland and Real Estate, Human Resources, Operating a Farm, Succession Planning, Taxes, Purchasing, Repair, Cover Crops, NRCS
Business Title: Farm Flight
Job Title: Other Ag Professional, CEO
About: Hi! I am a partner at Farm Flight LLC. Our goal as a company is to make high-resolution and consistent imagery available to anyone who wants it. With the use of drones, we are able to highlight and quantify important data points at affordable and consistent rates, saving you time and money.
Interests:
Corn, Cotton, Peanuts, Soybeans, Wheat, Vegetables, Rice, Canola, Sorghum, Cover Crops, Ag Policy, Precision Agriculture, Organic Row Crops, Irrigation, Marketing, Agribusiness, Apps, Telemetry, Ag Commentary, News, Accounting and Bookkeeping, Farm Management, Farmland and Real Estate, Human Resources, Operating a Farm, Succession Planning, Taxes, Projects, Purchasing, Repair, Shops, Tools, Conservation Easements, Conservation Plans, NRCS, Hemp, Orchard Crops, Organic Specialty Crops, Tree Nuts, Fishing, Homesteading, Horses, Hunting, Timber, Tobacco
Business Title: Sorrels Farms, J And R Custom Farming, And Sorrels Custom Harvesting
Job Title: Farmer, Farm Manager or Employee
Interests:
Cotton, Soybeans, Wheat, Vegetables, Canola, Sorghum, Beef, Cover Crops, Ag Policy, Precision Agriculture, Irrigation, Marketing, Agribusiness, Corn, Dairy, Grass-Fed Livestock, Specialty Livestock, Feed, Crop Protection, Fertility, Soil Health, Crop Scouting, Apps, Telemetry, News, Ag Commentary, Farm Management, Succession Planning, Operating a Farm, Farmland and Real Estate, Projects, Shops, Purchasing, Repair, Tools, Conservation Easements, Conservation Plans, NRCS, Homesteading
Job Title: Farmer
Interests:
Organic Row Crops, Ag Commentary, Marketing, News, Accounting and Bookkeeping, Ag Policy, Farm Management, Farmland and Real Estate, Operating a Farm, Succession Planning, Taxes, Projects, Purchasing, Repair, Shops, Tools, Conservation Easements, Conservation Plans, Cover Crops, NRCS, Hemp, Organic Specialty Crops, Timber, Tobacco
Business Title: Peoples Company
Job Title: Other Ag Professional, Real Estate Agent
Interests:
Corn, Organic Row Crops, Soybeans, Wheat, Beef, Dairy, Feed, Swine, Irrigation, Soil Health, Sustainable Agriculture, Precision Agriculture, Ag Commentary, Marketing, News, Accounting and Bookkeeping, Agribusiness, Farmland and Real Estate, Operating a Farm, Succession Planning, Projects, Purchasing, Conservation Easements, Hemp, Hunting, Timber
Business Title: AGROPHILIE FARMS
Job Title: Farmer, Landowner, Farm Manager or Employee, Other Ag Professional, Poultry
Interests:
Corn, Organic Row Crops, Wheat, Poultry, Crop Scouting, Fertility, Irrigation, Sustainable Agriculture, Precision Agriculture, Telemetry, Ag Commentary, Marketing, News, Agribusiness, Farm Management, Human Resources, Operating a Farm, Succession Planning, Projects, Purchasing, Tools, Conservation Easements, Conservation Plans, Cover Crops, Organic Specialty Crops, Vegetables, Fishing
Job Title: Farmer
Interests:
Corn, Soybeans, Wheat, Poultry, Crop Protection, Crop Scouting, Fertility, Soil Health, Sustainable Agriculture, Apps, Precision Agriculture, Telemetry, Accounting and Bookkeeping, Agribusiness, Farm Management, Farmland and Real Estate, Operating a Farm, Succession Planning, Repair, Shops, Tools, Cover Crops
Business Title: Iowa State University
Job Title: Extension Agent Or University Employee
Interests:
Corn, Soybeans, Beef, Dairy, Swine, Crop Protection, Fertility, Soil Health, Precision Agriculture, Ag Policy, Succession Planning, Conservation Plans, Cover Crops
Business Title: North Dakota State University
Job Title: Landowner, Extension Agent or University Employee
Interests:
Canola, Corn, Organic Row Crops, Soybeans, Wheat, Beef, Feed, Grass-Fed Livestock, Crop Protection, Crop Scouting, Fertility, Irrigation, Soil Health, Sustainable Agriculture, Apps, Precision Agriculture, Ag Commentary, Marketing, News, Ag Policy, Agribusiness, Farm Management, Farmland and Real Estate, Operating a Farm, Succession Planning, Cover Crops, NRCS, Hemp, Orchard Crops, Organic Specialty Crops
Public
A starting point to assist young and upcoming farmers with financial know how
Interest:
Agribusiness, Farm Management, Succession Planning
Public
Here is a group for growers of specialty crops to come together.
Interest:
Orchard Crops, Organic Specialty Crops, Tree Nuts, Crop Protection, Crop Scouting, Fertility, Soil Health, Sustainable Agriculture, Precision Agriculture, Ag Commentary, Marketing, News, Accounting and Bookkeeping, Ag Policy, Agribusiness, Farm Management, Farmland and Real Estate, Human Resources, Operating a Farm, Succession Planning, Taxes
Public
Soil and everything in it is the focus here. Crop Nutritionists and CCAs know that growing a crop is more than planting, watering and applying fertilizer. It requires testing, planning, monitoring and adjusting the plan as needed.
Interest:
Corn, Wheat, Vegetables, Cover Crops, Ag Policy, Precision Agriculture, Organic Row Crops, Irrigation, Agribusiness
Published Mar 20, 2019
Understanding Farm Succession Planning Finding time to talk to your family about succession planning for your farm may be difficult... What you should know up front about transitioning your farmUnlike estate plans, which concentrate on tax liabilities and the various ways to lessen the tax burden, succession plans focus on the future of the farm... When you decide to retire, your farm succession plan may include:Transferring or selling ownership to a vested family member... Determine the desired end resultConcentrate on the desired final outcomes of the succession... Are you being pressured to sell by those who don’t share your love of the land?Getting it right the first timeSuccession plans sometimes fail because certain risks were not considered during the planning stages, including:Inadequate cash flowLiquidation of some assets to provide for retirementPoor farm estate planningUnresolved issues between family members or a successor who’s not prepared to lead and manage the farm businessIt’s important to enlist the help of qualified professionals who don’t have a stake in the final decisions...
Categories: Agribusiness
By Future Loans
Published Nov 1, 2020
Before you take out a business loan, you need to understand the difference between secured and unsecured loans so you can choose the best option for your business. The biggest difference between secured loans and unsecured loans is that secured loans require you to pledge collateral and unsecured loans don’t. Unsecured loans are provided based purely on a borrower’s ability to repay. So, if the borrower defaults the lender can sue; however, they won’t have liens against any of the borrower’s property, so they can’t foreclose on and seize any property to get their money back. [Read related article: Unsecured business loans definedBecause unsecured loans aren’t attached to any collateral, they are riskier for lenders...
Categories: Agribusiness, Farmland and Real Estate, Succession Planning
Published Jun 21, 2019
Farm financial planning for the agriculture community At Nationwide, we understand those who work in agriculture... We can help you better understand these risks – and provide farm financial planning tips to help you manage them... Learn more about long-term care…Manage your farm or ranch’s succession planEnsuring your farm or ranch is passed to the next generation takes planning – but it doesn't have to be difficult. By taking the time to develop a succession plan, you'll ensure that your wishes are met and emotional stress is minimized. Learn more about succession planning…1 “How Much Care Will You Need? U...
Categories: Agribusiness
By Tyler Davis
Published Aug 2, 2019
A 1031 Exchange is a tax-deferred swap program in which farmers and others in the agriculture industry can participate. Farmland, vacant land, and certain agriculture assets are considered real estate assets under the Internal Revenue Code. As much, farmers and others are able to utilize Internal Revenue Code (IRC) Section 1031 in order to defer tax upon the disposition of farmland and acquisition of a “like-kind” piece of property. Section 1031 exchanges, which originally began in the 1920’s, have seen numerous tweaks and changes over the years to get us to the rules that are in place today... The tax benefits of a 1031 Exchange are substantial and can be used as part of a Succession Plan...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Oct 6, 2019
Conservation easements have grown in popularity in recent years, partly due to the impactful tax benefits available to the donor. A conservation easement is a restriction on the use of land, voluntarily granted by the landowner to a conservation organization or to a government sponsored entity. The general rule for permanent conservation easement donations is that the property owner can take a charitable contribution tax deduction on their return for the difference in the fair market value of the land before the conservation easement and after the conservation easement. Currently, the donor can take a conservation easement charitable deduction of up to 50% of their taxable income in a given year. Should the value of the conservation easement charitable deduction exceed this taxable income threshold in the first year (because of lower than expected earnings or simply because of the size of the deduction), the taxpayer can use the remaining deduction over a fifteen-year carryforward period (no carryback is allowed and the same 50% taxable income limit applies during the carryforward period)...
Categories: Ag Policy, Agribusiness
Published Jul 26, 2018
It’s no secret that America’s farmers are aging... forest succession)... ” “That farmers routinely leave their property to farm-despising kids is probably one of the biggest travesties of modern succession plans. ” - Joel Salatin, Polyface Farms Planning for the Farm’s Future In Jason’s work with Land for Good, he’s found there are a few options for farmers who wish to remain on the land they’ve stewarded for a lifetime, while helping younger farmers establish themselves... Let your child love the plaid, and still avoid the pressurePlanning for your farm’s succession is yet another important item on the never-ending to do list...
By John Moody
Published Jun 12, 2018
For much of the country, it has been a wild spring... Because of this, planning ahead can make all the difference in dealing with the wanton nature of rain... Another way to avoid an “all or nothing” approach to spring is by employing staggered and succession plantings... Part of your financial planning and pricing needs to reflect this reality... Diversity and careful planning is the key! So make sure that your planning includes how to balance the good with the bad! How is your growing season going so far?...
By Tyler Davis
Published Mar 15, 2020
The decision to retire is often met with either enthusiasm or fear... Another decision that has a significant financial planning impact is whether the farmer wants to retain ownership of the land... Selling the land can take time and have many tax implications and planning opportunities... As farmers begin planning for retirement, they should also consider their estate planning options... This tax-free gift threshold allows for many different estate and retirement planning opportunities...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Feb 12, 2020
The tax consequences of selling a farm or agribusiness should be at the top of the mind of every landowner. For many life-long farmers, selling their farm or business is one of the most difficult decisions they will ever make. Even though putting the farm up for sale makes logical sense in most situations, farmers often have an emotional connection to their land and business that exceeds that of other industries. This article is not going to convince you to sell your property or farm... During the transaction, farmers still have several tax planning options and other decisions to consider...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Updated May 14, 2020
This is the second of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for year-end 2019. Part I, published on AgFuse in November of 2019, focused on planning opportunities for farmers with higher than expected earnings in 2019 while Part II focuses on tax planning opportunities for farmers with lower than expected current year performance. Farmers tend to think that tax planning opportunities are only available in high-income years or when they close on a big transaction (selling your property, selling a large amount of stock for a capital gain, etc). However, just as tax planning is essential in those situations, it is also critical to consider tax planning strategies during a down year... The first step for year-end tax planning is to understand the new rules that were enacted as part of the Tax Cuts & Jobs Act of 2017 which was passed on December 22, 2017...
Categories: Ag Policy, Agribusiness
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