Jeff M Brown

Grew up on Central IL farm and glad to be part of the family farm. 1 great wife, 2 great sons, and one happy dog. Tweets are my own

[Steve Pitstick @PitstickFarms]

Came across an old newspaper I saved for some reason…… @JohnDeere

[Jeff M Brown @JeffMBrown1]

More important things than the grain markets today. Keep life in perspective.

[Kelly Garrett @KellyGarrett75]

This year was our first time with bags. I was very nervous about the unloading process. Because of our tanker business and plant food appreciation trucks are the bottleneck. I’m so happy with the bags I’m not sure I’ll ever build another bin. A truck is worth 125$ per hour. There’s a post below that says you’re just trading labor like it’s a net zero. I disagree. There are 3 guys in combined and 3 guys in carts waiting on a truck to return during harvest. We can harvest faster and then when unloading the bags there are 2 guys waiting not 6. Plus the .50$ carry we received. And the lines were shorter after harvest to unload. Eliminate the trucks from the combine is a big ROI for us

[Spencer Hakimian @SpencerHakimian]

🚨WATCH: THIS IS WHAT HAPPENS WHEN IRAN CLOSES THE STRAIT OF HORMUZ

[Jeff M Brown @JeffMBrown1]

Getting moisture anyway we can before #plant26

[Jeff M Brown @JeffMBrown1]

How will US ag be affected with Trumps progress

[Carl Higbie @CarlHigbie]

“Democrats think Trump is randomly doing stuff… he’s like 17 steps ahead of [NATO] and by the time they figure it out it’s too late to do anything about it”

[Jeff M Brown @JeffMBrown1]

Lower interest rates are coming

[Aaron Rupar @atrupar]

Trump: "If I want to really crush the housing market, I could do that so fast, and people could buy houses ... I always say, look, you know I can crush the hell out of the market, we can drop interest rates to a level -- and that's one thing we do want to do."

[Brady @BradyD78]

Task list for today:

1. Figure out how to get my cost per bushel for growing corn below $3.70 cash and beans below $9.70 cash ASAP.
2. see number one.

Any ideas for where to start?

Other options include:
1. Pray that everyone else has a drought except me
2. Wait around for another government handout.
3. Disregard my numbers and go forward like everything‘s fine until somebody tells me it’s not

[Jeff M Brown @JeffMBrown1]

If we had more cover crops this probably would’ve been avoided. Pretty close to home.

[Luke Zim @LukeZimWx]

DELAYED:
TORNADO ON THE GROUND
Blue Mound, Illinois
@NWSLincolnIL @jacobdickeywx #ilwx #wxtwitter

[🇺🇸Gauche Farmer©️ @BeetfarmerDave]

I’m not buying fertilizer because some of you paid $20 for $5 worth of toilet paper a few years ago

[Jeff M Brown @JeffMBrown1]

Buy more land and larger tractors is now my New Year’s resolution I guess

[FarmerDan @farmerdan97]

Going to go talk to my banker asap

[Shay Foulk @FoulkShay]

The numbers are what the numbers are. You don’t have to like it. Will farmland hit $100,000 an acre by 2050?

[Jeff M Brown @JeffMBrown1]

I am jealous of grandson being able to sneek in a combine nap.

[Jeff M Brown @JeffMBrown1]

I love being a grandpa and seeing my 4 yo grandson help direct drivers to come ahead and dump and clean up the pits. 9 month old and his pregnant mom are running the bagger. God I love this!!

[Jeff M Brown @JeffMBrown1]

Hardest part of family farming is doing this.

[Clint Fischer @clintwfischer]

Our firm is in the heart of farm country. So I get to design & review truckloads of farm succession/estate plans.

While each is unique as a snowflake, here's the 10,000 ft view of a robust one to give you some ideas:

Phase I: While both spouses are alive

→ Set up a revocable living trust (RLT)

This is the backbone of their plan. Both spouses are trustees & beneficiaries.

→ Set up Operations, LLC

Owns all the non-land farm assets. (i.e. equipment, crops, cows, etc)

Gives them liability protection plus a tool to transition the farm operations to the on-farm son.

→ Set up Land, LLLP

Owns all the ag land. Gives them 1) additional liability protection, 2) provides "liquidity" so they can transfer ownership while not splitting up land, and 3) shrinks the $$ value of the land for death tax purposes.

→ Property Power of Attorney, Healthcare Power of Attorney, and Living Wills

These kick in if one of the spouses can't make decisions on their own.

Succession Component

Each year, Dad & Mom gift up to their annual exclusion amount of LLC interest to the on-farm kid. Also, on-farm kid has a standing option to buy up to 10% of the LLC at 80% FMV.

Phase II: First spouse passes

The RLT splits into an A trust (Survivor's trust) and B trust (Family trust).

Land, LLLP goes into the Family Trust (irrevocable) and the LLC & off-farm assets go into the Survivor's Trust (revocable).

If Dad is the first to die, on-farm son has the option to buy out the rest of the LLC at 80% FMV on a 5 year contract.

Also, on-farm son becomes Manager of the LLC.

Phase III: Second spouse passes

→ Legacy Land Trust (LLT) set up

This will own all ag land or any entity owning ag land (i.e. the Land, LLLP).

It's designed as an irrevocable dynasty trust.
Two of the three kids are co-trustees.

This restrictive trust is very detailed and lays out all the terms of land management, like:

• On-farm kid gets option to rent at discount*
• On-farm kid has option to buy at discount*
*Assuming he's "actively farming"
• All 3 kids benefit from the net income
• Land can be mortgaged to pay estate taxes and buy more ground
• Kids can leverage up to their 1/3 beneficial interest
• How it can be terminated
• And many more details

→ Kids' Sentry Trusts set up

• Remaining LLC interest (if any) to on-farm kid
• Off farm assets & life insurance split between all three (20% to on-farm kid, 40% to each off-farm kid)

Rather than the three kids getting inheritance in their name only, they receive it via their own Sentry Trust

They're the trustee of their own trust.

It protects their inheritance from:

1/ Divorcing spouse
2/ Most creditors
3/ Estate taxes when they die

So there you have it. A high-level overview of a fairly comprehensive plan.

Just note that each is customized to the family needs, wishes, and asset types.

There's a ton of tools at our disposal that aren't included in this plan, so talk to a solid estate/succession attorney about the vast array of options for your operation.

Thank you for your attention to this matter.
The end.

[Jeff M Brown @JeffMBrown1]

My 93 yo mother still enjoys a combine ride. This is why I do this.

[Jeff M Brown @JeffMBrown1]

New or old tractors my grandson loves them all.

[Pioneer Troy @deutmeyer_troy]

How much yield will premature death in my corn cut yield???

It is extremely difficult to predict but corn around half milk line that dies will have yields cut around 10% according to older studies. With today's late season grain fill and kernel flex I feel the number is closer to 15%.

Fungicide trials with a check, 1 and 2 applications will help us put a better number on that when the weigh wagons come out.

Nice article below.
https://t.co/5M8apTkXS3

[Ryan Maue @RyanWeather]

Powerful early September "polar vortex" blast of "cool air" out of the Arctic will crash into the Lower 48.

Much below normal temperatures

Thank goodness we're not in December ... would be well below 0°F

[Jeff M Brown @JeffMBrown1]

@CoryRitter So sad Cory. Prayers for you and the family. Your dad was a great guy I always admired. Let me know if we can help any way