Estate Planning for Family Farms

​Southern Maryland is home to many beautiful family-owned and operated farms.  And, without those open fields of hay and fences full of animals, Calvert, St. Mary's and Charles County would lose the part of the character that keeps most of us living here.  To ensure future generations of farmers, a well-planned Family Farm Succession Plan is essential.  

 

While Succession Planning for Business and Family Farms has its similarities, a Family Farm plan must also address the following farm-specific issues:

 

 

 

 

 

Take the time today to secure your farm's tomorrow.  Starkey Law, LLC is here to help guide you through the steps to create your Family Farm Succession Plan, offering services such as:

 

  • Options to minimize future tax obligations

  • Restructuring ownership structure / Business organization

  • Establishing Trusts

  • Collaborating with Accountant and/or Financial Advisor

  • Securing Financing and Insurance Policies

  • Utilizing Tax Exemptions / Gifting / Spousal Exclusions / Special Use Valuations

  • Preparation of Estate Planning documents for Individuals

  • Mediating Family Disputes

  • Assisting client to solidify goals, recognize future financial needs, and develop procedure for next generation.    

 

 

 

 

Beneficiary Affordability

  • Rise in Land Values 

  • Property Taxes 

  • Crippling Estate Tax

 

Family Conflict

  • Multiple Beneficiaries with Divided Interests 

  • Disrupted Farming Operations

  • Forced Sale

  • Valuation Conflicts

  • Insufficient Funds for Buy-Out

 

Impractical/Inappropriate Beneficiary

  • Minor Children as Beneficiaries

  • Aged Spouses as Beneficiary

  • Inexperienced or Disinterested Beneficiary

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Learn how to keep your farm in the family.  Contact us to discuss your legal options.

Office Address

1455 Starkey Lane

Prince Frederick, Maryland 20678

Phone

(410) 535 - 0724

Fax 

(443) 440 - 5354

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