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3. 2012 Women in Agriculture Educators National Conference

Reducing Liability and Asset Protection for the Family Farm

Rick Zapata

Summary

The topic will cover the actual steps that occur in an law suit against the farmer; possible outcomes that include an order of judgement; the effects of a judgement or lien; the steps necessary to reduce the farmer´s risk; the steps necessary to protect the farm´s assets and the steps necessary to protect the farmer´s personal assets.
Some farmers continue to operate their farm under their social security number as a sole-proprieter and this makes it very easy for an attorney to collect from a law suit. The personal assets and the farm assets need to be protected or sheltered in a form that would prevent loses from occuring. Asset protection is usually not done by small family farmers until it is too late. By using legal trusts and other tools, the farmer can protect family and farm assets and provide for an estate plan at the same time, thereby reducing costs for both functions.

Details

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