Here at the Northern California Center for Estate Planning and Elder Law, we take our commitment to our neighbors in Elk Grove to heart. Located in Sacramento County, just south of Sacramento, Elk Grove has a population of more than 167,000, making it the second-largest city in the County. In fact, Elk Grove was recognized as the fastest growing city in the United States from July 2004 to July 2005.
Come Visit the Elk Grove Farmers Market in Old Town
Located in Old Town Plaza on Railroad Street, the Elk Grove Farmers Market is one of the best places to find fresh local vegetables and fruits. In conjunction with the Living Smart Foundation, the City of Elk Grove has opened the Farmer’s Market selling locally grown produce along with gourmet foods and snacks. You can also enjoy special events and entertainment while you browse and shop.
More importantly, a portion of the sales is used to support the Living Smart Foundation, a non-profit organization that focuses on providing education in health, life skills, financial management and business to youth and families.
What can you expect from the Old Town Elk Grove Farmers Market?
Here are some of the products and other items you can expect to find at the Old Town Elk Grove Farmers Market:
- Baked goods: breads, pies, etc.
- Canned or preserved fruits/vegetables: jams, jellies, preserves, salsas, pickles, dried fruit, etc.
- Certified organic fruits
- Certified organic vegetables
- Charcuterie products
- Coffee and/or tea
- Crafts and/or woodworking items
- Cut flowers
- Fish and/or seafood
- Fresh and/or dried herbs
- Fresh fruit juices
- Gluten-free baked goods
- Gourmet prepared foods: tamales, arepas, sauces, hummus
- Natural pet food for dogs/cats
- Olive oil
- Poultry/fowl, lamb, beef, and pork products
- Soap and/or body care products
- Starters/decorative plants; succulents
- Vegan protein products including cashew cheese
The Farmer’s Market has new summer hours
If you are ready to explore the offerings of the more than 50 vendors selling goods at the Elk Grove Farmers Market this summer, come by Old Town every Sunday, from 8 a.m. to 12 p.m. now through October until the time change. If Sunday doesn’t work for you, visit the Farmers Market at Laguna Gateway Shopping Center (at Big Horn Blvd. and Laguna Blvd.) any Saturday from 8 a.m. to noon.
We Proudly Serve the Elk Grove and all of Sacramento County
A major concern for families owning farms is protecting those investments so the farm can successfully transition from one generation to the next. Believe it or not, nearly 70 percent of family businesses are unable to survive the generational transfer. Usually, that is because of estate taxes and probate fees. Protecting your family farm is very important. Estate planning, along with business succession planning, the most efficient way to accomplish that.
Farms often face issues with cash flow
Many farms are considered “land rich” but “cash poor.” This means that farms typically have all of their cash tied up in buildings, equipment, livestock and the land itself. However, they often have very little, if any, cash on hand. The farm’s net worth may be substantial. With estate taxes being determined by the current market value of the farm’s assets, your heirs may be required to come up with the cash required to pay estate taxes if they have no cash in hand. As the value of the farm is tied up in tangible assets, your family may be required to sell resources, or the farm itself, in order to pay the taxes and settle all other estate costs when you die. With an appropriate estate plan, these types of issues can be addressed.
Estate planning for family-owned farms
There are basically two common estate planning challenges for family-owned farms: (1) how to preserve the farming business so it can be successfully transferred to the next generation while remaining intact, and (2) how to distribute the interests in the farm among the heirs fairly. Meeting these two challenges means you must plan ahead for estate taxes and employing the right tactics to provide maximum control over when, how and to whom ownership of the farm will be transferred.
Let us help with Farm Succession Planning
A succession plan requires designating the family successors as managers and owners of the farm. It also requires determining whether any additional support for the successors will be required from other family members. The specific roles of other family members, whether they are active with the farm or not, need to also be identified.
An efficient succession plan is necessary for a family farm to transfer completely to the next generation. The plan must provide financial independence for the owners when they retire, in addition to keeping the farm in a position for continued growth and success. The succession planning process requires creating goals and objectives for the farm, establishing an appropriate decision-making process, and estate planning for the owners as well.
If you have questions regarding estate planning, planning for family farms or any other business-related estate planning matters, please contact us at the Northern California Center for Estate Planning and Elder Law for a consultation. You can contact us either online or by calling us at (916) 437-3500. We are here to help!