Sales are one-time transactions. Marketing is the process by which you identify a group of people who are willing and able to become and to remain your customers. As a new farmer, you wonâ€™t have established relationships with customers and potential buyers, yet. You must determine who wants and /or needs your products. These are your potential customers. Marketing takes time. But, it can be one of the most cost-effective uses of time in your business.
While estate planning for Maryland farm operators can be complicated, a conservation easement can be an effective tool to include in your plan. Conservation easements can help reduce the value of a farm estate and ensure the land will continue to be available for agricultural use. Donating a conservation easement is one way to reduce federal and state estate taxes when the value of your estate minus permitted deductions exceeds the current estate tax exemptions. Under current federal and Maryland tax laws, donating a conservation easement to a qualifying group can result in favorable tax deductions.