The Role of Revocable Trusts & Wills in Farm Estate and Succession Planning
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The Role of Revocable Trusts & Wills in Farm Estate and Succession Planning
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In this episode, Kristiana and Tim discuss how revocable trusts can be used in farm estate and succession planning, and how they differ from wills. They cover why probate matters, how trusts can help simplify asset transfers, and why families should consider their goals, assets, and circumstances when choosing planning tool.
Resources: Farm Estate and Succession Planning for the Farm Portal (ISU Center for Agricultural Law and Taxation): https://www.calt.iastate.edu/estate-and-succession-planning Evaluating Your Estate Plan: Estate Planning Questionnaire (Ag Decision Maker) c4-57.pdf Farm Estate and Succession Planning for the Farm Book: https://shop.iastate.edu/extension/farm-environment/farm-and-business-management/estate-planning/calt5.html