#farmsuccessionplanning

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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.

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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Long-Term Leases Provide a Valuable Succession Planning Tool as Recent Court Case Highlights

Paul Goeringer

Oct 30, 2018
3 min

Long-Term Leases Provide a Valuable Succession Planning Tool as Recent Court Case Highlights

The article is not a substitute for legal advice. See here for the site’s reposting policy. Developing a farm succession plan which allows the next generation to take over the farm and provides for non-farm heirs is not an easy task. While you may want to treat your children equally, keeping the farm viable for the next generation may not allow for equal treatment. Why? Dividing the farmland equally may result in one heir getting fewer acres than are needed to support a fa

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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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Court Decision Splitting Up Family Farm Reversed: When Farm Succession Planning Fails

Paul Goeringer

Jul 24, 2018
5 min

Court Decision Splitting Up Family Farm Reversed: When Farm Succession Planning Fails

The article is not a substitute for legal advice. See here for the site’s reposting policy. Farm succession planning can be a complicated process for many farm families. A recent decision out of Minnesota involving a farm dairy’s succession plan highlights what can go wrong when farm families do not handle the situation. The parents had three children, and one child had moved back to take over the farm. The parents placed the farmland into a revocable trust with each chil

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Recent Court Decision Highlights Why You Should Update Life Insurance Policies After A Divorce

Paul Goeringer

Feb 21, 2018
4 min

Recent Court Decision Highlights Why You Should Update Life Insurance Policies After A Divorce

The article is not a substitute for legal advice. See here for the site’s reposting policy. You may or may not remember John McLaughlin, the host of the long-running public affairs show The McLaughlin Group; for those who do not, the video clip above will give you a taste of his show. McLaughlin passed away in 2016. Before his death, McLaughlin had divorced his wife Christina Vidal in 2010. After this divorce, McLaughlin neglected to change two life insurance policies ben

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Father’s Estate Plan Leaves Many Unanswered Questions Relating to Gifts to On-Farm Heir