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Depending on your family situation and the value of your estate, forming a trust can be an important addition to your farm transition plan.
The trust is a very useful and flexible tool for estate planning, yet it is probably the most underused estate management technique. A trust is an artificial entity, something like a corporation, created by a document or instrument.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
Planning for the end of your life can be intimidating. When you are a farmer, your business is not only your livelihood and your passion, but, often, it is also intermingled with your family life. For that reason, estate planning — arranging for the management of your assets once you die — is especially important for aging farmers.
We see it in our clients faces when they first come in. We hear it in their voices. They are …
Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.
Imagine you get married and within a year or two, your new spouse passes away. Now, imagine that your grief is compounded with financial stress.