Yesterday I enjoyed the chance to attend and present the keynote address at the High Plains Irrigation Conference in Amarillo. Thanks to Dr. Dana Porter for the invitation and welcome to those of you new to the blog from the conference.
It was a rather slow week in the agricultural law realm, but here are a few stories in the news recently.
* Oil and Gas Leasing Program Set for College Station. Shannon Ferrell and I will be putting on a FREE oil and gas leasing workshop in College Station on February 22. We will be covering a wide variety of topics including oil and gas leasing basics, negotiating surface use agreements, pipeline easement negotiation, seismic issues and oil and gas production, and more. For more info, click here.
* Is a Farm Equipment Lease Right for You? Ag Fax recently published an article discussing the benefits and drawbacks of leasing farm equipment. The article does a great job of explaining the pros and cons of leasing, discussing different types of leases and mentioning tax concerns that come up with equipment lease agreements. [Read article here.]
* Four Steps to Forming a Succession Plan. Delta Farm Press published an article recently answering a question from a farm family about whether an LLC was the right business structure for them to achieve their succession planning goals. While there is no one-size-fits-all answer to this type of question, the article does a great job of discussing the pros and cons of an LLC. Even more important is a discussion of four steps that should be considered and addressed by a comprehensive succession plan: Financial security, ownership transition, leadership development, and estate tax strategies. [Read article here.]
* Ready or Not, It’s Tax Season. Modern Farmer recently ran an article called Are You Ready? The Farm Tax Man Cometh, offering tips for farmers and ranchers this tax season. It offers some great pointers including using a CPA who understands agriculture, becoming a better bookkeeper, and keeping in mind depreciation. [Read article here.]