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

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

  If you use a last will to state your final wishes regarding the distribution of your personally held resources, you would be allowing for lump sum distributions to the inheritors. This can potentially be disconcerting if you have someone on your inheritance list who is not a good money manager. People who are prone to overspending are typically going to need financial assistance from time to time throughout their lives. A spendthrift family member could experience future hardships … [Read more...] about Free Report: Why Would I Use a North Dakota Trust Instead of a Will