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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Single Member LLCs: Are Your Assets Protected?

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  Single Member LLCs: Are Your Assets Protected? Although relatively new to the legal world compared to other forms of legal entities, Limited Liability Companies (LLC) have by far become the legal entity of choice for businesses. Data suggests that in recent years, more than 90% of new businesses started as an LLC. Some of the largest companies in the world have converted or re-established from corporations to LLCs. Well-known companies such as Apple, IBM, Nike, and many others are structured as an LLC. For an individual starting a business, a single member LLC (SMLLC) is most often chosen. In the past, legal entities really were not geared towards having a single owner. Partnerships consisted of multiple individuals. Corporations had multiple shareholders. So, having a legal entity that consists of one owner — at least as much as it occurs today with SMLLCs — presents a different landscape. I often get asked how much an SMLLC offers in the line of protection....
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