On July 22nd and July 23rd, Prof. Nicholas Brown presented at the Virginia Beef Cattle University on a variety of topics pertinent to beef producers.  Brown was invited to speak by Lisa McCormick, the Virginia Beef Center of Excellence Coordinator at Virginia Tech Cooperative Extension.  The presentations were carried out alongside a litany of other presentations by university professors from a variety of other schools, government agency officials, and professionals from across the private sector.

Brown's July 22nd presentation focused on how farmers should consider farm succession and entity selection in the same conversation, due to the corresponding issues of probate avoidance and mitigation of liability exposure.  This presentation also touched on related topics such as avoiding the corporate tax and the necessity of having both a durable power-of-attorney and healthcare directive.  The slides from this presentation can be found here.

On July 23rd, Brown presented on tax strategies for beef producers in light of the latest changes to the tax code from H.R. 1, i.e., the One Big, Beautiful Bill.  These changes should impact farmer decision-making on taking the standard deduction versus itemizing, which will inherently affect a slew of other deductions that farmers can take.  Among others, increases to farmer-relevant deductions include the increase of the SALT cap, increases to the estate tax exemption, and increases to the senior bonus deduction, which Brown has previously written about.  Brown's presentation on these tax-specific topics can be found here.

Attendees of Brown's presentations are encouraged to subscribe via email to NCSU Farm Law & Tax, which posts timely updates to numerous issues facing beef producers across the nation.