Here we are with our final Weekly Round Up of 2021! It has been quite the year. We will have our annual nationwide and Texas-specific year-in-review blog posts coming up over the next couple of weeks, and we recently released an Ag Law in the Field Podcast episode recapping the year from an ag law perspective here.
Here are some recent news stories that may be of interest.
*EPA considering modifications to dicamba approval, but offers no timeline. A senior regulatory specialist with EPA stated that “the agency is no longer certain whether over-the-top dicamba can be used in a manner that is protective of listed endangered species, critical habitats and non-target plants.” Furthermore, she added, “EPA is concerned that off-target incidents may increase litigation risks for the dicamba registrations…If the data demonstrate that the 2020 control measures are insufficient, the agency can take appropriate regulatory action to address unreasonable effects.” However, the EPA has not yet made that decision, and will not offer a timeline on when they may do so. [Read article here.]
*Article explains livestock mortality insurance. Horse and livestock owners may be interested in a recent article from Sierra Day explaining the concept of livestock mortality insurance. [Read article here.]
*IRS announces federal estate exemption and gift tax exclusion for 2022. The IRS has announced that the federal estate tax exemption will be $12.06 million for 2022. This is up from $11.7 million for 2021. The federal gift tax exclusion will increase from $15,000 this year to $16,000 for 2022. To read more about the estate tax click here and to read more about the gift tax click here. To listen to a podcast episode about both the estate and gift tax click here.
*Three questions to guide management succession. A key part of a good estate and transition plan for a family operation is identifying the next farm or ranch manager. This is something that can be easy to overlook–often we worry about ownership structures and taxes, but forget that someone will literally have to step in and take over the day to day operations. Lance Woodbury recently published an article listing three simple but important questions to consider when selecting the person to take over these tasks. [Read article here.]
I have officially wrapped my presentation schedule for the year. I am looking forward to some time at home (and catching up on the mounds of paperwork and email that seem to follow me everywhere I go!)
To see my speaking schedule for 2022, click here. We’ll kick things off on January 10 and 11 with live Ranchers Leasing Workshop events in Hallsville and Wylie. For more information on those, click here. I really hope to see you down the road!
Also, don’t forget, our Ranchers Leasing Workshop and Owning Your Piece of Texas classes are always available online. If you’re interested in those, click here.