Many people are familiar with a Like-Kind Exchange (LKE) as a strategy to potentially save taxes on the sale of real estate. While it is true LKEs can be used to defer significant taxes, the process required to implement LKEs it often not well understood. The following are answers to a few of the more common questions about LKEs. A better understanding of LKEs may help you determine if a LKE may be an option for your next real estate transaction.
Legal
Noxious Weeds and Neighbors
Did you know yellow grove bamboo is on Ohio’s “noxious weeds” list? We’ve seen an increase in legal questions about bamboo, a plant that can cross property boundaries pretty quickly and create a neighbor dispute. Weeds often cause neighbor issues, which is why Ohio has a set of noxious weed laws. The laws aim to […]
Power of Attorney Documents
When going through the estate planning process, determining and implementing the terms and conditions of the will or trust consume the most time. However, some thought and consideration should be given to the Power of Attorney (POA) documents that are typically completed at the same time as the will or trust. The POA documents designate who may act on behalf of someone who is alive but unable to act for themselves. These documents are very important, especially for those people who are operating farms and businesses. Read more here…
Landowner crop lease termination deadline is September 1
September 1 is fast approaching, and this year it’s an especially important date for landowners leasing cropland under an existing lease that doesn’t address when or how the lease terminates. In those situations, September 1 is the new deadline established in Ohio law for a landowner to notify a tenant that the landowner wants to terminate the lease. If the landowner does not provide notice by September 1, the lease continues for another lease term. Read more of this post
Will or Trust?
A common question when starting the estate planning process is: do I need a will or trust? There are a number of factors that must be considered before this question can be answered. A trust is a common estate planning tool but not everyone needs one. Oftentimes, the best plan includes only a will. The following are […]
by Robert Moore, Attorney, OSU Agricultural & Resource Law Program