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Three Estate Planning Mistakes Farmers and Ranchers Make and How to Avoid Them

Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life.  Unfortunately, many farmers and ranchers fail to make an estate plan.  The farm or ranch that has been passed down for generations then ends up being sold and converted into non-agricultural use, cutting the legacy short and ending the family’s unique lifestyle choice.

Sadly, farmers and ranchers are not the only ones who avoid making or updating an estate plan – many others, including business owners and parents, also avoid planning, which can cut their legacy short.  Below are three common estate planning mistakes farmers and ranchers make and how to avoid [...]

What Is a Discretionary Trust?

Sometimes giving money or assets outright to a beneficiary -- such as a child, a grandchild, or a special needs loved one -- is not ideal for distributing your wealth in an estate plan.

When setting up a trust, using a discretionary trust provides peace of mind because of the protections this type of trust provides to your loved ones who may not have the skills required to safeguard the assets you give to them.

So, what is a discretionary trust? A discretionary trust, also referred to as a discretionary support trust, is a type of trust set up for the benefit of one or more beneficiaries where the trustee has discretion over how to distribute the trust assets among t [...]

It’s Planning Season

Just as there is a planting season on the farm, for each season there is planning that you must do with your business or on the farm. In order to be successful, this planning must be done thoughtfully and in advance. Your life is no different. To properly plan for the next season in your life and the lives of your family, a well-executed estate plan is a must. Below are a few documents to consider when crafting a plan to protect yourself, your family, your business or farm, and your legacy.

Birk Law Firm is experienced with supporting farmers, ranchers, and other business owners in achieving their estate planning goals.  Call Birk Law Firm if you have [...]