Risk Management
Collaborative farming arrangements cut costs and create synergies
As the COVID-19 pandemic became part of our daily lives, it highlighted the need for succession and contingency planning.
Proper farm insurance, which can include property insurance, general liability insurance and workers compensation, provide large operations with protection and peace of mind.
Manage risks before they catch you off guard.
In your will or trust documents, you name a power of appointment. This means you grant power to an individual to name recipients of all or a portion of your money and property in the future.
Idaho operation builds niche business to complement core crops.
Since their inception in 2014, you’ve been choosing between Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC). You have until March 15 to make your choice this year.
The sources of stress and uncertainty for the season ahead are plentiful. When uncertainty is plentiful, so is decision paralysis. To play offense and face the biggest risks to your farm, use this decision framework.
If your spouse dies, look into filing Form 706 Federal Estate Tax Return with the IRS. Taking that step could help you protect farm assets so they pass to your heirs without estate taxes. The process isn’t automatic.
Despite the positive sentiment, local community bankers report concerns about lower commodity prices, the ‘big bank mess’ and another potential rate hike in June by the Fed.