Article

By: Johnny Cottingim, Junior Associate, Farm Succession & Legacy Preservation

A few months ago I had the opportunity to speak at a conference geared toward accountants, lawyers and other business professionals that work closely with family farms. The focus of the panel I participated in concerned the lack of practitioners in the rural parts of the state. Across all groups the message remained the same: there simply are not enough practitioners in rural areas. Essentially for lawyers, there are so few in most rural areas that the state bar association has termed them legal deserts. 

Many people may not see the existence of legal deserts, or accounting deserts as a problem. Unfortunately, they can create major issues when trying to successfully navigate the complex legal and tax issues involved with running a modern farm. One area in particular that could cause problems is the upcoming sunset of the increased estate tax exemption at the end of 2025. 

As the sunset approaches, more and more people will be seeking legal and tax advice on how to address this major change in the estate tax laws. Due to the lack of legal and tax professionals in rural areas, there may be long wait times to receive proper counsel. Alternatively, in an attempt to “just get something in place,” a family might work with professionals who are unfamiliar with the challenges of a modern farm. With a firm end date like the sunset, this may mean that those who wait too long to seek help may not be able to find effective representation. 

To ensure that your farm and family receive competent guidance, proactive scheduling will be critical. If you do not already have a lawyer or accountant, the time to find one is now and not at the end of next year. Many offices may be forced to have waitlists or long lead times for potential clients to ensure they can meet the needs of their existing clients. 

Even if you already have a lawyer and accountant, it may be important to schedule a meeting with them for the early part of 2025 to review your plan and ensure that you are prepared for the major changes to come.

Wright & Moore Law Co., LPA has a rich heritage in Ohio agriculture. Since 1988, our firm has proudly assisted farmers, rural residents, and landowners from all over the state with their farm succession planning and agricultural legal needs. We would be happy to discuss your family goals and how to meet them. To learn more about Wright & Moore or schedule a meeting, call 740-990-0750 or visit OhioFarmLaw.com.