Financial Planning Blogs

As the Midwest agriculture sector faces another year of low profits, farmers need to take a closer look at their farm balance sheet, which is a snapshot of their financial condition on a specific day. The market-value balance sheet is based on the current value of farm assets owned,...

Quick Tips for Farm Estate PlanningStudies have shown that fewer than 20 percent of farm families have an effective estate plan to roadmap what happens to the family farm when dad and mom retire or pass away. Death is inevitable. What is very normal is that families avoid talking about what is...

Understanding Illinois property tax calculations is complex and confusing. Properties such as personal residences are taxed based on fair market value. The State of Illinois assesses farmland based on the agricultural use value rather than the farm market value. Based on farm income...

Keeping good financial records is vital for the farm's long-term success. Farm records can get neglected by most farmers who prefer to be out on the property instead of in the office. The following tips, if implemented, can make the farm operation more efficient and stronger and prepare the farm...

Improving farm efficiency is vital in today’s farming world. Keeping track of your farm financial records and being able to report the results with ease helps the farmer to improve operational efficiency.  Selecting the right software for record keeping is vital.Just like preferences in...

The average age of farmers in Illinois hovers at around sixty years of age. This statistic implies that many current farmers have memories of the 1980s when the world of Midwest farming fell apart: many family farm operations were forced out of business. The 1970s saw a sharp increase in grain...