Knowing the general steps involved in a lawsuit can help make farmers/producers aware that they can lose assets if the judge/jury sides with the plaintiff. To lessen the damage from a lawsuit, farmers/producers can develop an asset protection plan to prevent the loss of farm land and assets in a lawsuit. The defendant generally will have to pay a lawyer to defend the action so they lose either way. The plaintiff generally does not have to pay their lawyer unless they win. Having an asset protection plan in place can help limit the overall damages. A trust can be used both as part of an estate plan and an asset protection plan while the business is ongoing. Estate tax laws change and attorneys are advertising everyday on media outlets for clients. Asset protection plans will aid in overall risk management of operating a farming/production business. After the presentation, students will learn the general steps in a lawsuit, identify what assets are at risk and some simple ways to avoid potential catastrophic losses. This easy to understand presentation will inform and aid farmer/producers in developing a plan to reduce overall risk from litigation.
|Conference||2021 Extension Risk Management Education National Conference|
|Presentation Type||30-Minute Concurrent|