Financial Statements

If you ever plan to take out a loan or you currently owe money to another party, you need to understand credit and credit reports. Credit is the ability of a borrower to receive something (often money) in exchange to return the money to the lender at a later point in time. For example, when you buy a car, a bank (lender) provides the money to you (borrower). In exchange, the lender charges you interest. The interest charged is determined by several factors based upon your credit report. Therefore, it is important for you to monitor your credit report. Let’s take a minute to provide greater insight on credit and credit reports. Author: Jesse Ketterman, and Patricia Maynard; Title: Understanding Credit and Credit Reports (FS-1115).

A successful farm operation requires thoughtful property selection, whether you are leasing or purchasing land. When looking at properties, you need to consider how the property will support the goals in your business plan. Will the farm be productive? Will the location and regulatory environment fit into your marketing strategies, or can you adjust your strategies to suit your income needs? Is the price of the farm reasonable and realistic given your financial goals? Are there any zoning, covenant, easement, or plat restrictions that might prevent you from producing or selling what you want, where you want? Authors: Ben Beale, Greg Bowen, Paul Goeringer, and Margaret Todd; Title: Considerations for Acquiring a Farm: Selecting the Best Farm Property (FS-1094)

Paying for health care can be a struggle, even if you have insurance. Many doctors and dentists now offer a special medical credit card to pay for services. However, medical credit card interest and fees can be very expensive. They add extra costs to medical care when money is already tight. Authors: Dorothy Nuckols and Priscilla Graves; Title: Medical Credit: Safety Net or Debt Trap?

You can take steps to limit your potential liability by understanding your legal obligation or duty to protect visitors and other third parties from foreseeable harm. You also will need to know to whom you owe the duty and what duty others may owe to you. Steps you can take to limit your liability include obtaining insurance, procuring releases, and providing warnings. You should work with a licensed attorney in your area and your insurance agent to identify the tools that will work best for you. Author: Paul Goeringer; Title: Understanding Agricultural Liability: Premise's Liability (FS-1001)

This fact sheet provides an overview of the bankruptcy title used by family farmers and fishermen to reorganize debt. Authors: Julie Walker J.D. Candidate 2020, Drake University Law School, Research Associate, University of Maryland, Mayhah Suri, Extension Specialist, and Paul Goeringer, Extension Legal Specialist; Title: A Practical Guide to Chapter 12 Bankruptcy for Maryland Farmers and Fishermen (EB-439)

In 2014, the Maryland General Assembly recoupled the state estate tax exemption with the federal estate tax exemption. Recoupling is tying Maryland’s state estate tax exemption back to the federal estate tax exemption something that has not happened since 2001. Over the next 5 years, Maryland’s estate tax exemption will be gradually increased in 2015 and each year after until the state’s exemption is equal to the federal exemption in 2019. This will have ramifications on existing estate plans in the state. To aid Maryland residents understand this change and the estate planning process, Lori Lynch and I worked to update the Estate Planning For Maryland Farm Families fact sheet. This publication was originally developed by Lori and Wes Musser and provides a general overview of many of the tools utilized in estate planning and discusses potential tax implications that you should be aware of. Authors: Paul Goeringer, Lori Lynch, and Wesley Musser; Title: Estate Planning for Farm Families (FS-972)