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It’s that time of year to start thinking about the proceeds of your crop or livestock sale.

Consider utilizing a Starion Financial escrow account to reap the most financial benefits for your farm. Placing your grain or livestock sale proceeds in an escrow account allows you to control:

  • the timing of your sales, which can impact the price you receive,
  • the tax year in which you’ll take farm income, and
  • the date you’ll receive your funds to pay your Starion loans or for debt servicing.

Your grain or livestock sale proceeds can go immediately to the bank this fall where they are held safely and securely in escrow until a future date that you determine.

How does it work?

  • You complete an agreement that names us your escrow agent. This tells the buyer to prepare a check payable to Starion Financial at the time you make a grain or livestock sale. A separate escrow agreement is prepared for each elevator or sale barn.
  • We place the funds in an escrow account.
  • A grain or livestock delivery form tells when we should transfer the funds to you. For example, you might provide January 2 of the coming year as the release date.

An escrow agreement can be a great tool to help you make the most of your crop or livestock sale. Talk with your accountant and Starion banker to see how to use this to your advantage!