We’d like the opportunity to dive deeper into our conversation from our Potato Talks discussion and explore further the building of a solid Farm Succession Plan. We will pivot from the conceptual to the action steps, getting started, timeframes, common hurdles and how to address them. Attendees can use our complimentary tools to better understand the steps needed in their operation. We will also further address creating a Family Farm Mission and Values Statement, a Family Farm Employment Policy, Family Governance, steps you can take to provide clarity and improve intra-family communications and building your advisory team.
Additionally, we will have just had an election. We’d like to explore, in plain English, the possible impact, and also introduce steps you may want to take soon, to protect your lifetime of work. Several changes pending: The Tax Cuts and Jobs Act that lowered estate and gift taxes for family operations is scheduled to sunset on December 31, 2025. If the new Congress and Administration allow the law to sunset as scheduled, what is the impact on family farms? What steps can you take NOW to lessen the impact on your operation and your family? We will also review other recent legislative, regulatory and judicial challenges to family farms, including the Corporate Transparency Act and the Supreme Court’s 2024 Connolly decision.
Michael A. Cohen, CRPC®, CBEC®, Managing Member, Agribusiness Succession Advisors, LLC
Jeffrey S. DeWald, CLU®, ChFC®, CBEC®, Managing Member, Agribusiness Succession Advisors, LLC