Family farms are often organizied as sole proprieters and operate the business under their social security numbers when filing state and federal tax returns. This really raises their risk to lawsuit.This enables them to operate their family farm but it opens the possibility of losing business and personal assets if the family farm is sued. In this presentation we will look at two educational objectives: 1. We will tell farmers how to organize their business to separate business and personal assets to reduce liability. To get the students attention, we will take the student through the actual steps in a law suit. 2. We will tell students how to structure their assets so as to protect them from law suit liability and prepare those same assets to be passed along in an estate plan.
In the current economy it may not be the question of "if the farm will be sued" but "when will it be sued".
|Conference||2013 Extension Risk Management Education National Conference|
|Presentation Type||60-Minute Concurrent|