Estate Planning Challenges of Small Farmers - Jillian Hishaw Esq.

Estate Planning Challenges of Small Farmers

“My name is Jillian Hishaw, I am the founder and director of family agriculture resource management services abbreviated F.A.R.M.S. for the original nonprofit that provides legal and technical services to small farmers in the southeast focus on later attention and spending their retail market. As a kid, I would tuck them in his backyard garden and so, I knew that there was a science when the tomato turned from green to red. So who in here owns land are an heir to a farm one too busy you all have an estate plan for your land Nina sound mortgage was seven long so it really is important to have a will whether you are only in or not when you die without a will, the state takes over your distribution so say you have two people that all know hunter danger tracks land and they pass away without a will they have ten kids and then those two kids have kids and then five generations later you have five hundred people owning a 100-acre tract of land and if one of the one of the air fills with our party then that third party can force the sell in the remaining heirs of what’s called a court partition sale and so that’s how we lose so much plan on a daily basis with a lot of farmers their land rich and cash poor and so in order to basically transfer their assets out of their name is good to put it in a family trust where if you put it in a family trust you can give the parents the life estate option and then the person whether it’s their sibling or their child that farming the land can be placed in their name and then once passed away the family collectively can decide what to do with it you can put a time stamp on a truck so you can put it at 15 years so the child can fire it for 15 years and then the siblings can decide whether to sell it or dies oftentimes they sell it and then they put the assets back into the truck donation so we’re always looking for donations $20 donations can purchase a bushel of sweet potatoes which is about 40 pounds and that generates about 48 meals we do have an annual produce drive and if you dive as I will the heirs are sharing ownership and so if one of the heirs decides to sell to someone outside of the family that the third party becomes part of the family and they can force the sale of the remaining heir saying that you know this is certainly some on land ownership and because of it I just want to sell it when it fell is a horse in is is the court sale on the courthouse steps.”