Many families hope to transfer farm businesses or property to heirs,
to the next generation of the family, or to an unrelated new farmer. However,
most farmers are generally unfamiliar with the tax, legal, income, and fairness
issues of these transfers. Not surprisingly, few retirement-age farmers have
faced up to these issues.
University of Maryland Extension Resources
Agencies, Associations and Government Resources
North Carolina Farm Transition Network is a website filled with resources to help you transition your legacy to the next generation.
Eastern Shore Land Conservancy Website
Care defines the topic, presents statistics of nursing home stays, estimates
costs of nursing home care, and discusses strategies for funding long term care,
including an introduction to Medicaid.
Planning for Long Term Care in the Farm and Ranch Context describes Medicaid
eligibility and estate planning tools that preserve Medicaid benefits. Particular
attention is paid to Medicaid’s rules on income, sale of assets near the
time of Medicaid enrollment, and limits on spousal impoverishment.
Structures for your Farm or Ranch: Some Basic Considerations describes the
business legal structure of sole proprietorship, partnership, corporation, and
Limited Liability Corporation (LLC). Each is discussed in terms of how it is
owned, formed, and managed; how profits and losses are allocated and distributed;
how ownership is transferred; and how it is ended.
the Corporate Veil: How Limited is the Liability of Doing Business as a Corporation? describes the reasons and instances when courts pierce the ‘corporate
shield’ of incorporation to hold the business’ officers liable for
debt. Particular attention is directed to instances involving child support
or dishonest business transactions.
Estate Planning and Land Preservation - MARBIDCO (Maryland Agriculture and Resource-based Industry Development
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