(765) 470-7090 polly@dobbslegal.com

Join Me at Executive Women in Agriculture

Executive Women in Agriculture (EWA) is an event dedicated exclusively to women in agriculture. Today, more than 30% of farm operators are women. EWA 2015 aims to provide educational and networking opportunities uniquely focused on women farm owners and operators. At this year’s event, I am honored to be presenting a session titled, “Who Gets What?? Succession Planning Advice.” This educational segment will offer practical advice and examples to help farmers as they struggle to find a fair way to smoothly transition the family farm and its related closely held businesses to the next generation. I invite you to attend this informative event at the Palmer House in Chicago, Illinois on December 3-4, 2015. Click here to...

Farm Journal Legacy Conference

EVENT: Farm Journal Legacy Conference DATES: November 17th from 8:30 am – 5:00 pm November 18th from 8:00 am – 4:30 pm (Breakfast will be served from 7:00 – 8:00 am) LOCATION: Crowne Plaza Indianapolis Airport 2501 S. High School Road Indianapolis, IN 46241 This event will dive deep into the logistics of creating a sound succession plan. Join me as I speak about comprehensive estate planning. Also hear great advice from other experts on how to take action on your current situation, resolve conflicts, and protect your family’s legacy. AGENDA: Constructing a Succession Plan Building a Family Employment Policy Estate and Tax Issues Managing Family Business Conflicts Multi-Generational Planning Successor Development and Management Transition Communicating in the Family Business Click here to register for this event. Receive $100 off your registration by using the code ‘Guest.’ (Please share this link with farm families you know who may be interested in...

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...