Kicking the Can down the road.
As predicted, Congress continues to avoid controversy during an election year. They have kicked the can down the road on the Farm bill through 2024. I am sure the extra months will be well spent in careful contemplation…. Or campaigning. The proposed budget released by the White House shows a 7.4% increase that is pretty much a symbolic gesture. Of note, in the state of the Union, the farm bill didn’t get a shout out like Ukraine or the border.
Everybody following Iowa.
Over 50% of states now have a ban on foreign ownership of ag land. Iowa has had one for years. It’s nice to be a leader once in a while.
FINCEN BOI runs into problems.
As of 1 Jan 2025, all state level incorporated entities (Corps, LLC, LLP, ect) need to have certain information turned into the federal government about who is in charge and who owns them. This law was challenged and declared void by a federal judge in the South. That is 1, not surprising, and 2, not likely to survive appellate review.
Of note, now that same regulator body is contemplating a rule to require all state level real estate sales to report to the federal government the who, what, when and how of real estate transactions. We already have to report to the IRS taxable sales and pick it up on our income tax returns. This additional rule seems like more federal overreach. I think maybe the folks in DC could be reminded that that they are a limited government, not a limitless one.
EPA say spray’em if you got ‘em.
Farmers can use existing diacamba stocks following a 6 FEB US District Court ruling for over-the-top application as long as they were labeled prepared and released for shipment prior to 6 FEB 2024 and the farmer follows that label rule.
Quick bits.
Just a few things as I approach twenty years of practicing law. Some are corrections and some are just observations.
It’s quit claim, not quick claim when it comes to deeds.
Fair does not mean equal, never has and never will. (Also, Fair is what happens mid-August in DSM, not in a will).
The right to remain silent should not be confused with the ability to do so.
Giving all kids equal shares is a great way to have your last name become a farm name in somebody else’s yield monitor.
” this is how everybody does it” when it comes to closing and who pays for what in a real estate transaction varies by zip code.
You do own the property, even if it is mortgaged to bank.
In the end, you are thinking about what other people think more than the other people are really thinking about whatever it is you are concerned about.
The estate planning that your friends do is not always the estate plan that works for you.
Generally, everybody gets along until Mom and Dad dies… everything after that is optional.
A warm hand now is better than a cold hand from the grave.
The sign of a good deal is that nobody is 100% happy.
The minute you leave the bargaining table and step into the court room you transfer the power of decision and control from you to a robe or some folks in a jury box who don’t want to there.
Your inability to tell your children what they need to hear about your estate will ensure they will not listen to their siblings about it either.
If you know your case is going to the Federal Supreme Court and you can only have the best in one phase of the case, it’s the very first contact that will set the tune that everyone else has to dance around and through.
No plan survives initial contact with in-laws, outlaws and angry relatives.
Nothing says I love you quite like a Prenup.
Taxes, change, and death are the only constants in our lives.
