Farmers Legal Assistance Network

To visit the main page of the Farmers Legal Assistance Network, go to:  farmlawhelp.com



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THE ESTATE TAX EXEMPTION REPEAL BOOGEYMAN-VERSION 4.0

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    We have reached that time again where the repeal of the federal estate tax exemption boogeyman (the “Repeal Boogeyman”) is being trotted out by many.   This is the fourth time in my 18-year career this has happened.   Before addressing the Repeal Boogeyman more, let us first look at where things stand as to the federal estate tax exemption. Next year, any person with a pulse will be able to shield $13,610,000 from the federal estate tax.   Together, a married couple can shield $27,220,000.   In 2025, this amount will increase until the estate tax D-Day /Armageddon hits on January 1, 2026.   On that date, the exemption amount will revert to $6,800,000 and be “adjusted for inflation”.   With the high rate of inflation we have seen over the past few years, many believe, when adjusted for inflation, the new exclusion amount will be around 7.5 million per person.    Meaning, even if the Repeal Boogeyman has his way, a married couple can...
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Avoiding the USDA's Swamp Monster

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      The USDA’s Swampbuster – Avoid Getting Stuck in the Swamp. In 1985, Congress passed the Food Security Act, a comprehensive framework to administer agriculture and food programs.   In doing so, Congress established a conservation program titled the Erodible Land and Wetland Conservation and Reserve Program. The conservation and reserve components are affectionately (or perhaps un-affectionately) referred to as “Sodbuster” and “Swampbuster,” respectively. This article will focus on Swampbuster. The stated purpose of Swampbuster is to conserve and preserve wetlands and to protect natural resources for a public purpose, including to “assist in preserving the values, acreage, and functions of the Nation’s wetlands.”   To achieve conservation aims, Swampbuster bars producers who convert wetlands to cropland from receiving USDA benefits. Whether or not a farmer is subject to Swampbuster depends on if the farmer is enrolled in USDA programs whereas the far...
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Estate Planning, Medicaid Preparation, or Both?

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 In our last article the discussion centered around the importance of planning in advance for the possibility of needing Medicaid in the future.   Essentially the idea being to plan for the worst, and hope for the best.   This type of forethought is imperative given that Medicaid requires planning to occur at least five years in advance of needing assistance with paying for the costs of home assisted living or long-term nursing care. The Medicaid Estate Recovery Program allows the government to place a lien on any real estate owned by the Medicaid recipient after death. If you are 55 years and older, and receive Medicaid coverage, your assets are subject to a Medicaid lien without the proper planning.    Depending on the level of care needed, according to recent Genworth figures, the average cost of assisted living is $4,500 per month, and the average monthly cost of skilled nursing is $8,910. Failing to plan for how to pay for these costs can result in the lo...
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