We're starting the year with a sweepstakes❗
Like and comment on this post for a chance to win No purchase necessary. Enter by 12:30pm on 1/22. See Official Rules at Brewers.com
@clintwfischer That’s what I feel is always lacking. Pretty easy for a company that only exists due to tax credits and subsidies to not worry about it at all and just declare bankruptcy and walk away on down the line when that bill comes due
Solar farms have helped windmills way more than people realize.
I reviewed 3 windmill contracts this week...
Each client said they passed on the first phase of windmills but will sign the new contract partly because:
At least it's not solar.
They can farm around windmills, but solar farms take all the land out of commission.
I just bought plane tickets for a few weeks out to Fort Myers. Planning to rent a condo in Marco Island. Is there anywhere else we should consider staying instead?
@clintwfischer Be aware of drawbacks to having an operating entity owned by a trust. The entity will not be able to use section 179 expensing and trust are subject to extremely progressive tax rates if the income is not distributed. Just to name a few.
But what if they don’t want to get a prenup? What’s the owner generation to do then?
2. That’s where a trust comes in.
Instead of Jill inheriting the farmland outright, the owner generation can designate that it goes into a trust for the benefit of Jill only.
When properly drafted, this trust will not only protect the land if there’s a divorce, but it can protect the land if Jill were to file bankruptcy or get some big financial judgment against her.
Also, this inheritance can be kept out of Jill’s estate for death tax purposes.
---
So, there are multiple tools available for the owner generation to rest assured that their life’s work & legacy won’t get split should an unfortunate divorce happen.
Definitely talk to your attorney if this peaks your interest.
🎵 Going through the “Big D” and don’t mean Dallas… 🎵
For those who don’t know, Mark Chestnutt was referring to a big concern of many farm families: DIVORCE
Specifically, the owner generation concerned about leaving the family farm to successors and not wanting to see it get split in half upon a divorce.
Here’s two ways to protect the farm:
@NickHorob QBO. Off the top of my head I’m not sure on attribute for season. Maybe create a sub item for each product. EX: Urea, with sub items urea2023, urea2024 etc. this might get cumbersome but doable so at least when you run your items report you can allocate inventory accordingly
Has anyone figured out a way to track per unit feed/fertilizer/chemcial prices and/or inventory in QuickBooks?
In a way that’s integrated with your bill paying process
@NickHorob You can enter quantity and unit price when creating the bill. For tracking purposes you are best off to export your report of items purchased to excel.
Are you interested in amping up your spreadsheet skills?
In Jan 2025, we're going to re-launch our free email-based Spreadsheets for Farmers (or any business person!) course .
Reply to this tweet and I'll DM you to get on the list!
(Make sure to follow me so I can DM you)
Seems to be an issue we may want to optimize or improve before the AOCs start vehicle shaming & lecturing Americans on personal vehicles. Just a thought.
@chris_pund@TheChadColby One of two likely reasons..trying to beat freeze up or utilizing overnight frozen ground to maintain traction while ripping wet ground.
@maxarmstrong@USDA@POTUS Throwing more handouts #agriculture’s way will make it harder for farmers to be successful in the long run. Need to increase demand or reduce supply. Ag assistance certainly won’t reduce supply, the alternative might
@culvers your thank a farmer initiative falls short of creating helpful awareness in the #ag industry. It reinforces the the romanticized image of farmers which creates a disconnect between consumers and modern #farmswsj.com/articles/resid… via @WSJ