Growing Michigan
Posts from March 2012
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Estate Planning and Business Succession Planning for the Family Farm
March 27, 2012Many larger family farms may see relief from estate taxes as a result of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. Although the Tax Relief Act has focused attention on the tax aspects… Read More » -
Land Contract Guarantee Program - A New Farm Succession Planning Tool?
March 12, 2012The Farm Service Agency (FSA) is administering a new program that may prove to be a valuable succession planning tool for farmers. Effective as of January 3, 2012, the Land Contract Guarantee Program provides a ten year financial guarantee to the seller of a farm who sells to an eligible buyer by land contract. The seller can choose between two types of guarantees. The first is a prompt payment guarantee where FSA will guarantee up to three annual installments plus real estate taxes and insurance incurred during that time. The second is a standard guarantee where FSA will guarantee up to 90 percent of the principal balance of the land contract.
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View from Washington D.C.
March 6, 2012Earlier in the year, I attended the Michigan Farm Bureau National Legislative Seminar in Washington, DC. The hot topics included ratification of free trade agreements with South Korea, Panama, and Columbia, as well as the need to pass… Read More »