00:49:10
In this episode, we explore key legal considerations for setting up a farm business with family members including setting forth processes for how one enters the business and how one gets out. Episode 39.
0:00 – Legal Risk Management for Farmers During COVID-19
2:14 – Revenue Losses Due to Agritourism Closures
6:40 – Challenges for Low-Income Farmers
10:00 – Reporting Income and Owner’s Draw
13:05 – Impact of PPP and EIDL Loans on UI Benefits
15:50 – Retroactivity of UI Benefits
17:33 – Stimulus Package and USDA Support
21:03 – Determining Weekly Income for Spouses
23:25 – Taxability and Repayment of UI Benefits
25:20 – Eligibility for Farmers with Off-Farm Income
26:50 – Eligibility for Farmers with Zero Income
28:50 – Eligibility for Farm Employees
34:02 – Income Limits and Scenarios for UI Benefits
When farming with family, whether relatives, spouses, or both, there are 3 key legal topics to discuss together that will set the stage for how the farm business evolves as family members enter (through marriage or otherwise) and exit (via career change, divorce, disability, or just because): (1) decision making, (2) role and responsibilities, and (3) ownership vs. employment. In this episode, we cover all this and more (including the role of a little something called a marital property agreement), while walking you through key reflections and action steps for creating paperwork processes that will set the business and your family relationships up for success.
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