Leaving a legacy has always been an important concept for farm families. While that legacy often involves landholdings and leadership roles, it can also include faith, values, and reputation.
Roger McEowen with the Washburn School of Law joined RFD-TV’s Tammi Arender to discuss why legacy also involves character, the main considerations producers need to keep in mind to best structure their farming business, and how a farmer knows if their activity is a trade or business in the eyes of the IRS.
Related Stories
Farms should identify key roles and begin leadership succession planning well ahead of any transitions—expected or unexpected.
Seasonal beef production gains may moderate retail price pressure, while tight cattle supplies continue supporting producer values.
Higher rail fuel surcharges could add cost pressure even as wheat production falls and grain movement remains active.
The Washington State Tree Fruit Association says crop quality looks promising despite ongoing drought conditions.
New Fed surveys show farmland values remain historically high, though some Upper Midwest markets are beginning to soften.
Fred Seamon with CME Group joins us to discuss the latest Ag Economy Barometer and the key economic pressures shaping producer sentiment in May.
