Farm and ranch planning is a special area of the law. Farms and ranches are unique. This is a way of life that is different from anything else. People who live this lifestyle tend to be hard working people who love the land. The land they own is as important as a member of the family.
Accounting issues abound, as well as issues relating to Farm Programs administered through the USDA and local FSA offices.
Matters that have to be addressed in a plan for families who have a farm or ranch are similar to matters that affect all family owned businesses. Often there is a desire for the farm or ranch to continue into successive generations. In order to maintain operations, equipment, livestock and the land necessary for a successful operation, plans need to be laid out that address how family members will be able to continue the operations, yet treat those who have not continued to be involved in these operations in a fair manner.
Over the last few decades, many farm and ranch operations have grown and have become multi-family and multi-generational in terms of family members who are involved. The size of these operations has grown.
Reviewing all of the necessary documentation, for the various entities that may have been established is necessary to make sure that the trusts, LLC’s and Corporations, and/or Family Limited Partnerships will function appropriately together when a death of a major player in the family operation dies.
We have more than thirty years of experience in dealing with family farm and ranch operations and all of the closely held entities that are often put together for various purposes. We have clients with land in almost all of the counties in Kansas and several in Oklahoma.