Succession planning is difficult and time consuming, but it is also a key step for a business that can grow into the future. Regardless of where you are in the process, you can always take another step.
In your will or trust documents, you name a power of appointment. This means you grant power to an individual to name recipients of all or a portion of your money and property in the future.
A trustee takes legal ownership of trust assets, manages the trust and carries out your wishes. People often default to a family member for ease and lower costs, but that might not be the best choice.
You’ve heard the horror stories. The ones about farm families who spend months in court fighting over assets. The result? A destroyed business and fractured family. Why does this situation play out over and over?
When you hear of a new record farmland sale it raises eyebrows — and your farmland’s worth. With this key asset rapidly increasing in value, you need to analyze your estate plan.
