Mette, Evans & Woodside

How do I begin the process of business succession planning?

Succession planning rarely implements itself automatically, the first step should be contacting an attorney with succession planning experience.

Court-decision-pig-farm

PA Supreme Court Decision In Agricultural Case

PA Supreme Court rules that family farms do not have to comply with municipal ordinances that are stricter than state law.

Solar Leases Farm Ground

Solar Leases: Landowners Beware

The nature of agricultural land, being undeveloped and of high acreage, makes Pennsylvania’s farmland ideal for commercial solar projects.

farm transition

The Use of Windfall Gain Agreements in Farm Transition Planning

The importance of farm transition planning has become increasingly understood and accepted by the agricultural community. 

farm joint ownership

Untangling Joint Ownership of Real Estate

It is not uncommon in the farm community for real estate to be owned jointly by two or more owners.  Many times, parents will transfer their real estate to more than one child as part of their estate and farm succession plan.  Joint ownership of real estate often presents unique problems for the joint owners. 

Life Insurance Policy

Will Your Whole Life Insurance Expire Before You Do?

Some farmers have purchased whole life insurance as an integral part of their estate/farm succession plan. Some of our clients, who have purchased whole life insurance as part of their farm succession plan, however, are discovering, unexpectedly, that their insurance may lapse before their deaths, whether automatically or due to unaffordable premium increases. 

Like Kind Exchange Land Owners

How Does a Like-Kind Exchange Work?

Most farmers and land owners have heard of a like-kind exchange, which goes by several other names, including a 1031 exchange or a tax-free exchange. The primary purpose of an exchange is to reduce the federal income taxes resulting from the sale of real estate.

Mette, Evans & Woodside

Prenuptial and Postnuptial Agreements in Farm Succession Planning

As part of the succession planning process, most farm owners anticipate the challenge of balancing the older (transferring) and the younger (receiving) generations’ financial needs. And, they know that a difficult decision about the fair distribution of assets among the on-farm and the off-farm children is inevitable. However, equally important in the succession planning process, discussing prenuptial and postnuptial agreements (“marital agreements”) comes as a surprise or is uncomfortable for many from a family or moral perspective.

Mette, Evans & Woodside

Impact of New Tax Act on Farm Succession Planning

In the closing days of 2017, the federal Tax Cuts and Jobs Act (“Act”) was enacted. Its impact will be felt by virtually every taxpayer on multiple levels. From a farm succession planning standpoint, the most impactful changes include reduction of individual and corporate tax rates, increases in the federal estate and gift tax exclusion amount, preservation of stepped-up basis and continuation of like-kind exchanges for real estate.