(765) 470-7090 polly@dobbslegal.com

Dobbs Legal Group Hires a New Team Member

I’m excited to introduce a new team member to Dobbs Legal Group, LLC. Matt Folz, Associate Attorney, concentrates his practice in estate and wealth transfer planning, and business succession planning. Matt chose to plant his roots in Peru because he enjoys working and living in a small town. Born and raised in Evansville, Matt is a lifetime Hoosier with traditional, hard-working values. Read Matt’s full bio...

Family Farm Managers Earn $22,000 Less Than Hired Managers

If you manage your family’s dairy farm, you probably already realize you earn a lower salary than the hired farm manager down the road, but you may not know how big the gap is. According to an agricultural economist at Cornell University in New York, family members who manage their family’s dairy operations earn about 30% less—a difference of $22,000 a year—than hired farm managers, based on analysis of dairy farm income from 1999 to 2008. That means that while a hired dairy farm manager in New York State might have earned a median salary of almost $75,000 in 2005, a family member would have earned just $53,000. There’s also the “socioemotional benefit,” according to researcher Loren Tauer, a professor in the Dyson School of Applied Economics and Management at Cornell. “Family members like to work for the family farm, as it brings prestige and satisfaction by working with siblings, cousins and parents,” Tauer said. “The socioemotional part is that these family members feel an attachment to the dairy farm.” That level of tradeoff troubles Polly Dobbs, an Indiana lawyer who specializes in farm succession planning and family business issues. “My position is that you ought to pay family members the same amount that you’d have to pay a stranger,” she says. “That’s how you attract the next generation back to the farm.” What about the fact that these family members have been promised the chance to either inherit or purchase the farm in the future? “That’s great, if the promises are ironclad, in writing and properly communited to all parties, and not just verbal promises,” says Dobbs, who works with Farm...

Northwestern Mutual Network Training Day

DATE: September 11, 2015 TIME: 10:00 am – 12:00 noon LOCATION: The Hawthorns in Fishers, IN I am honored to be the guest speaker at the Northwestern Network Mutual Training Day, where I will be provide insight on my process for succession planning. Agenda: Overview of Business Succession Planning – the Basics Let’s Talk Taxes Use of Life Insurance in Succession Planning Hot Topics in Farm Succession Plan (Please note that this event is only open to Northwestern Mutual...

Lorman Live Webinar: “Down on the Family Farm: Navigating the Unique Succession Planning Needs of Farm Families”

Learn Practical Farm Succession Planning Techniques to Ensure your Client’s Farm goes to the Right Recipient. DATE: September 30, 2015 TIME: 1:00 – 2:30 pm EST   Please join me as I conduct a live webinar on the succession planning needs of farm families.   Learning Objectives: You will be able to review business succession planning. You will be able to discuss restrictions on transfers of farm ownership. You will be able to identify hot topics in farm succession plan. You will be able to explain tax considerations. For additional information on the webinar agenda or continuing education credits select the links. Click here to sign up at 50% discount  – Please send this link to anyone you know who may be interested in putting together a farm succession...