» Farm Planning

Three generations standing by cornfield on family farm

Family Farms Need Asset Protection

Family-owned farms are more than just a business. They are a source of pride and connection as well as income. Unfortunately, in recent years it has been harder and harder for family farms to keep afloat. Many family farmers are so busy with the day-…

What Is a Succession Plan?

In life and in business, you must plan ahead for the unexpected. A succession plan outlines a clear path for what should happen to your company when you retire or step aside due to illness or a disability. Succession planning involves multiple compon…

5 Life Insurance Setbacks and Mistakes That Ohio Farmers Should Know About

As an Ohio farmer who has weathered everything from employee challenges to crazy weather to wildly shifting market conditions, you understand the importance of hedging your bets and creating backup plans. In fact, one reason why you’re interested i…
Categories: Farm Planning

Disaster in the Field: How to Revise Your Ohio Estate Plans If Devastation Hits Your Farm

Owning a farm carries fundamental risks. As any business owner will tell you, the name of the game is not necessarily eliminating risks altogether but rather developing contingencies to handle them as well as plans that are flexible enough to withsta…
Categories: Farm Planning

3 Powerful Strategies to Help Your Ohio Farm Hedge Against Setbacks

A bad harvest, a disgruntled employee, a takeover bid from a larger agro business, a sudden illness, or dozens of other crises might be waiting to afflict your farm and throw your business into chaos. What can you do to prepare? Here are three time-t…
Categories: Farm Planning

Unexpected Setbacks That Can Undermine Your Ohio Farm Estate Planning

Ohio farmers understand that they must plan for a variety of contingencies to protect crops, keep animals healthy and clean, and maintain business operations, day-to-day. Setbacks are just part of the game. A crop may fail for unexpected reasons, suc…
Categories: Farm Planning

More Thoughts to Ponder When Forming a Distribution Plan for Your Ohio Farm

Estate Planning Attorney Ted Gudorf explains the fundamentals of forming a distribution plan for an Ohio farm at a filled-to-capacity farm planning seminar. First off, compile a list of debts and assets, personal and business, that could be releva…
Categories: Farm Planning

Tactics to Maximize How Much of Your Ohio Farm Will Go to Those You Love and Trust

To create a great distribution plan for your Ohio farm, you need to maximize what you’ve got to distribute. If you plan poorly, harsh taxes and aggressive creditors can drain the estate, leaving you with little to pass on to your heirs. To that end…
Categories: Farm Planning

How to Equalize Gifts Among Heirs to Your Ohio Farm

Let’s say two of your children are actively engaged in the day to day business of your farm, plowing fields, taking care of animals, and working in the back room doing the paperwork, keeping your business in the black and safe from legal issues…
Categories: Farm Planning

Developing a Distribution Plan for Your Ohio Farm: The Fundamentals

Over the next several posts, we’re going to tackle an essential topic to educate Ohio farmers who want to protect their heirs, minimize the chances for unfortunate tax consequences, and ensure peace of mind for the family and everyone else touched…
Categories: Farm Planning

Schedule a Free Consultation

Testimonials

Ted is extremely knowledgeable in estate planning, elder law and business planning and is wonderful to work with. I have known Ted for many years through our affiliation in WealthCounsel. From time to time Ted and I have the opportunity to work toget… Read More
– Lance Like, Founder & Principal, Like Law Group LLC, Was with another company when working with Ted at Gudorf Law Group, LLC

View All Testimonials

closeClose