NASHVILLE, Tenn. (RFD-TV)—When a farmer dies and the family begins the daunting task of dividing up the operation, it can be challenging, especially for children who may not want to become farmers themselves.
Industry analyst Vance Crowe developed an innovative idea involving Bitcoin that would enable all parties to achieve their objectives in a farmland transition.
“There’s usually one or two kids that want the property, and then there’s a couple of kids that that’s not what they’re doing,” Vance Crowe said. “And so, for now, one of the solutions is, ‘well, we’ll just divide it up evenly and give them all an even shake.’ Or we have one child who tries to buy out that land from the other ones, and there are challenges with that, too.”
Crowe told aginfo.net that at the end of the day, succession is about deciding what is best for everyone involved in the land transfer.
And I think something like Bitcoin is a way for people to be able to make investments into a finite asset that will allow them to be able to leave something to the children who are not going to stay in farming and still be able to keep the farmland together.”
He also encouraged farm families to explore new technologies that might fit into their operation and estate plans.
From the U.S. Supreme Court down to local jurisdictions, the current developments just keep on rolling in agricultural law and taxation. Here are some recent developments.
One drawback of co-equal ownership in estate planning is the right of partition of a co-owner. That’s a particularly acute problem when parents have both on-farm and off-farm heirs.
April 18, 2024 10:38 AM
·
A family settlement agreement is one method to resolve financial conflicts among family members over assets—if executed properly, that is.
April 07, 2024 11:29 AM
·
In this
Firm to Farm blog post, RFD-TV agri-legal expert Roger McEowen tackles a handful of topics related to property rights.
April 01, 2024 01:55 PM
·
What is “gross income from farming” for purposes of Chapter 12 (farm) bankruptcy – that is the topic of today’s
Firm to Farm blog post by Roger McEowen.
March 12, 2024 11:34 AM
·
In today’s Firm to Farm blog post, Roger McOwen breaks down the Court’s regulations on unconstitutional federal power and the ruling’s impact on BOI reporting.
March 11, 2024 03:00 PM
·
The topic of this Firm to Farm blog post by RFD-TV agri-legal expert Roger McEowen is a potpourri of legal issues facing farmers and ranchers—farm bankruptcy, sovereign immunity, farm leases, and pipeline damages.
March 07, 2024 06:51 PM
·
What can these facilities do to protect themselves? I wrote about this issue last spring, and since that time, the U.S. Court of Appeals for the Eighth Circuit has issued a significant opinion. That makes an update in order.
February 28, 2024 11:04 AM
·
Updated Dicamba information is the topic of today’s Firm to Farm blog post by RFD-TV’s agri-legal expert Roger McEowen with the Washburn School of Law.
February 27, 2024 11:19 AM
·
