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New guy to farm welfare
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Papa Gene
Posted 5/23/2020 07:06 (#8274683 - in reply to #8274526)
Subject: RE: New guy to farm welfare


SE SD
I'd set up a sole proprietorship and rent the land and equipment you need from your dad. Or a corporation only you own if that's what your accountant/lawyer thinks would be best. Like mentioned above...be sure to use an accountant/lawyer that does farm work.

As far as the recommendations to not be in any gov't programs...if you're truly going to stand alone from your dad financially it would be wise to be in the program. And especially carry federal crop insurance. Someday you'll find yourself in need and it may pull you through some bad years. Not being in the farm program is all about pride and for me going to ask a family member for money to stay afloat would hurt my pride a lot more than stopping at the FSA office twice a year.
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