Most Illinois farmland is not owned by farmers

Post by jschveibinz » Wed, Jul 30, 2025, 9:33 PM UTC

toast0 wrote: post #143

lotsofpulp wrote: post #129

Earlier quoted context omitted.

In richer parts of town, many houses will be in trusts also. It’s a no brainer if you have a couple thousand dollars to spare for an estate lawyer to do some estate planning and spare your heirs probate court. Plus in the states and wealth levels that many people on this website have, it is also a no brainer to save on taxes.

> It’s a no brainer if you have a couple thousand dollars to spare for an estate lawyer to do some estate planning and spare your heirs probate court. What I keep hearing from experienced estate attorneys is that California probate court is onerous and worth a lot of effort to avoid, but other state's have reasonable probate; it might still be worth it to avoid probate, but it's not such a big deal. OTOH, dealing wit…

Post by Cyberdogs7 » Wed, Jul 30, 2025, 9:37 PM UTC

jancsika wrote: post #97

dlcarrier wrote: post #14

Most farms are not owned by farmers, most housing is not owned by tenants, most airplanes are not owned by airlines, etc., etc.. Vertical integration can have benefits, but it isn't necessary and has drawbacks. Even when vertically integrated, regulations are often written under the assumption that everything is leased, not owned, so compliance is easier if you own a company that owns an asset, instead of owning that…

> On the other hand, if they were flying in a small airplane owned by one of them, it's illegal to split the costs of wear on the airplane, unless its a rental or air taxi. This isn't true: https://www.faa.gov/documentLibrary/media/Advisory_Circular/... That AC and the regulations cited in it couldn't be clearer-- if you and the pilot are both going to $destination for $reasons, you and the pilot can definitely split…

Post by cyberax » Wed, Jul 30, 2025, 9:59 PM UTC

hoistbypetard wrote: post #135

cyberax wrote: post #105

Earlier quoted context omitted.

> I'd like to understand why that regulation was written before getting rid of it. It's simple. Getting a commercial pilot license is a much more involved process than getting a private pilot license. A private pilot needs just around 30 hours of flight time to get a license. A commercial pilot needs at least 250 hours and a medical certificate that needs to be renewed periodically.

> It's simple. Getting a commercial pilot license is a much more involved process than getting a private pilot license. I understood that. But the post I quoted said that you couldn't accept payment even if you were a licensed commercial pilot, if you owned the plane. I'd expect the 250 hours and the medical certificate to be enough to make it safe for you to accept payment, and apparently the regulators who formulat…

Post by BobaFloutist » Wed, Jul 30, 2025, 10:04 PM UTC

Loughla wrote: post #162

OkayPhysicist wrote: post #45

Earlier quoted context omitted.

There is a lot of national security benefit to propping up the domestic agricultural industry. We've probably overstepped that line, but just "leave it to the free market" is a really bad option, too.

People hammer subsidies for farms, but I'd rather not have one bad year cause food shortages the following year when we lose production from shuttered farms. The free market shouldn't control everything.

Post by trallnag » Wed, Jul 30, 2025, 10:22 PM UTC

mattgrice wrote: post #15

If structured the right way, agricultural land has numerous tax benefits that can range based on jurisdiction from carve-outs on inheritance taxes all the way down to property tax exemptions on what could not even be considered a hobby farm (very large exurban lots)