Updated: March 9, 2023
Chapter 2: Economic assessment and risk management
Chapter 2: Economic assessment and risk management is part of the online publication "From Surviving to Thriving: Strategies for Urban Farm Success. Most of the work of a farm is in producing and marketing crops and livestock. But will this effort be economically viable? And what are the economic risks? These are questions that all farm businesses must answer regardless of whether they are for-profit or not-for-profit. To stay in business, the farm must be economically sustainable. To measure economic viability, this chapter will focus on two economic measurements – profit and cash flow.
Updated: February 17, 2023
Custom Work Charges in Maryland and Delaware
Introduction Financial and economic considerations such as limited capital, untimely cash flow, insufficient labor, small acreage or other reasons require farmers to hire custom service for field operations. Custom work charges are determined by demand and supply and are negotiated between farmers and custom operators. The purpose of this publication is to provide information on custom work charges in Maryland and to provide data to assist in decision-making regarding purchasing equipment.
Updated: October 6, 2022
Considerations for Acquiring a Farm: Selecting the Best Farm Property (FS-1094)
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)
Updated: August 16, 2022
Medical Credit: Safety Net or Debt Trap? (FS-1087)
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?
Updated: July 22, 2022
Understanding Agricultural Liability: Premise's Liability (FS-1001)
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)
Updated: July 7, 2022
A Practical Guide to Chapter 12 Bankruptcy for Maryland Farmers and Fishermen (EB-439)
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)
Updated: May 17, 2022
Estate Planning for Farm Families (FS-972)
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)
Updated: March 1, 2022
UME Family Communications and Estate Planning Workshops
Estate planning for farms is a difficult subject to navigate - families must create a plan of succession for the business, understand the legalities of property inheritance, all while dealing with the emotional toll of having difficult conversations with their loved ones.
Updated: September 24, 2021
Maryland Dairy Economics
These are difficult days for dairy farmers. After the high milk prices of 2014, prices have plummeted with no significant upturn in sight. Large dairies across the country have captured economies of scale that turn a profit at these low prices. So as small dairies go out of business, the large dairies continue to expand, maintaining the supply that suppresses the prices.