#estateplanning

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Note: This website is intended to provide general information about legal issues, crop insurance, farm policy, and other risk management issues and should not be construed as providing legal advice. It should not be cited or relied upon as legal authority. For advice about how the issues discussed here might apply to your individual situation, you should consult an attorney.

Welcome to the Maryland Risk Management Education Blog, provided by the University of Maryland Department of Agricultural and Resource Economics. This blog provides readers with information on risk management issues important to Maryland agriculture, upcoming events, and new materials that may interest readers.

May 7, 2020
2 min

Governor Hogan Authorizes Virtual Witnessing of Estate Planning Documents

By Mayhah Suri The article is not a substitute for legal advice. See here for the site’s reposting policy. As governments and businesses around the country adapt to the evolving global pandemic, changes are being made to some legal processes. Maryland is currently in a state of emergency, which means the government has the authority to change laws to fulfill the goal of protecting public health by reducing the spread of the virus. With this in mind, Governor Hogan announced r

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University of Maryland to Host Workshops Geared Towards Succession and Legacy Planning

Paul Goeringer

Dec 12, 2019
2 min

University of Maryland to Host Workshops Geared Towards Succession and Legacy Planning

See here for the site’s reposting policy. This winter, the Department of Agricultural and Resource Economics (AREC) is partnering with the Agriculture Law Education Initiative (ALEI) and the University of Maryland Extension to host a series of one-day farm succession workshops around Maryland. As of 2017, the average age of principal farm operators in Maryland is 59, according to the USDA-National Agricultural Statistics Service’s state agriculture overview, illustrating the

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Federal Estate Tax and Gift Tax Limits Announced For 2019

Paul Goeringer

Feb 26, 2019
3 min

Federal Estate Tax and Gift Tax Limits Announced For 2019

The article is not a substitute for legal advice. See here for the site’s reposting policy. In November, the IRS announced the revised federal estate tax and gift tax limits for 2019. The 2019 federal estate tax limit will increase from $11.18 million to $11.4 million. The federal gift tax limit will remain at $15,000. In Maryland, state estate tax limits will increase to $5 million, up from $4 million in 2018. For 2019, the federal estate tax limit will increase to $11.4

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Series of Upcoming Workshops Focused on Successful Farm Transfers

Admin

Oct 18, 2018
2 min

Series of Upcoming Workshops Focused on Successful Farm Transfers

Press Release See here for the site’s reposting policy. College Park, MD – This winter, the Department of Agricultural and Resource Economics (AREC) is partnering with the Agriculture Law Education Initiative (ALEI), the University of Maryland Extension, the Maryland Department of Agriculture, and Nationwide Insurance to host a series of one-day farm succession workshops around Maryland. As of 2017, the average age of principal farm operators in Maryland is 59, according to t

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Federal Estate Tax and Gift Tax Limits Announced For 2018

Paul Goeringer

Nov 14, 2017
3 min

Federal Estate Tax and Gift Tax Limits Announced For 2018

This is not a substitute for legal advice. See here for the site’s reposting policy. Author’s note: Based on the passage of the Tax Cut and Jobs Act this post is no longer correct. An updated post will be provided in the future. In October, the IRS announced the revised federal estate tax and gift tax limits for 2018. The 2018 federal estate tax limit will increase from $5.49 million to $5.6 million. The federal gift tax limit will increase from $14,000 in 2017 to $15,000

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Online Tools to Assist Operators Developing Farm Succession and Estate Plans

Paul Goeringer

Nov 22, 2016
3 min

Online Tools to Assist Operators Developing Farm Succession and Estate Plans

This post is not legal advice Today I do not post about a legal issue or a farm policy issue, but to highlight tools available to help farm operators develop farm succession plans and estate plans. Why do you need a succession plan? Simply, many of you want your operations to continue on into the next generation. Many of you have family members working on the farm who will succeed you and will continue the operation in the future. These future operators need to be prepared

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Estate Tax Changes You Need To Know About Before 2017