Agricultural and Natural Resources eNewsletter

Assessing Long Term Care Risks

As discussed in prior posts, Long Term Care (LTC) costs are a financial threat to many farms.  On average, each person can expect to spend around $100,000 on LTC during their lifetime.  Some people will be lucky and never spend one dollar on LTC while others will require many years of expensive nursing home care.  This great difference in potential LTC needs and costs are one of the reasons LTC planning is so difficult.  We can never be sure what the actual LTC costs will be.

Ohio Farm Custom Rates 2022

Farming is a complex business and many Ohio farmers utilize outside assistance for specific farm-related work. This option is appealing for tasks requiring specialized equipment or technical expertise. Often, having someone else with specialized tools perform tasks is more cost effective and saves time. Farm work completed by others is often referred to as “custom farm work” or more simply, “custom work”. A “custom rate” is the amount agreed upon by both parties to be paid by the custom work customer to the custom work provider.

Cover crops following wheat

A long growing season after wheat allows for many options including double-cropping soybeans or planting a cover crop. With high soybean prices, many farmers may want to plant soybeans, but hot and/or dry weather may reduce the chances for a profitable soybean crop. Many cover crops can be planted in late July or early August and take advantage of late summer rains and cooler fall temperatures.

Upcoming events