Family farms have been the backbone of the American economy for centuries. Despite efforts by big farming to take over the farming industry, family farms have survived – even flourished in many cases. In reality, it isn’t big farming that poses the greatest threat to family farmers. Poor estate planning – or a complete lack of estate planning -- is what truly creates the biggest threat to family farms. The family farm can withstand droughts, recessions, and competition from the big guys, but if … [Read more...] about Types of Trusts for Farmers
3 Common Reasons to Consider North Dakota Revocable Trusts
A Last Will and Testament will likely serve as the foundation of your estate plan; however, a well thought out and comprehensive estate plan should include additional estate planning tools and strategies as well. One common addition to an estate plan is a revocable trust. The best way to decide if a revocable trust should be included in your estate plan is to discuss your options with your North Dakota estate planning attorney. In the meantime, however, consider the following three common … [Read more...] about 3 Common Reasons to Consider North Dakota Revocable Trusts
The Dangers of Creating a Trust on Your Own
One of the most common additions to a comprehensive estate plan is a trust. People incorporate trusts into their estate plan in an effort to accomplish a wide variety of goals, such as incapacity planning, asset protection, and probate avoidance. Because of the ease with which boilerplate, or “DIY,” legal documents can now be found on the internet, people often make the mistake of deciding they can save time and money by just creating their own trust. Unfortunately, what actually happens, in … [Read more...] about The Dangers of Creating a Trust on Your Own
