When you think about dealing with tough financial issues in your farming operation, you might think of calling a CPA or a banker, but an attorney may also have some good advice for dealing with difficult financial situations on your farm. John Schwartz, an attorney in Hudson, IN, is putting on a seminar Tuesday at the Honeywell Center in Wabash that brings together lawyers to talk with farmers about financial advice. He told HAT that the legal structure of your farming operation can have a big impact on your financial situation.
“Thirty-six percent of the farms in the U.S. are sole proprietors. You leave a lot on the table operating as a sole proprietor. There are a lot of advantages to operating as a corporation or LLC.”
In addition, the program will cover several other areas of farm finance that can help producers position their operations to better withstand challenging times. Attorney Doug Adelsperger will discuss bankruptcy. “He will also discuss many alternatives to bankruptcy,” said Schwarz. “There are many producers who have financial problems but not bad enough for bankruptcy.” He added there are many alternatives those producers can consider.
Todd Landrum, with Ag Resource Management, will cover financing alternatives for farmers who are having trouble getting the operating credit they need for 2019.
There is no cost to attend the seminar that begins Tuesday evening at 6pm. A second seminar will be held on Wednesday evening in Battle Creek, MI. For more details visit, https://farmlegacy.blogspot.com/2018/12/midwest-professionals-to-host-seminar.html