193 | Using Trusts in Farm Transition Planning
In this episode of the Uplevel Dairy Podcast, Peggy is sitting down with Will McKinley, President of Menn Law Firm, to discuss the importance of trust and estate planning for farm families.
Will explains three different types of trusts, including Medicaid, revocable, and irrevocable trusts, and their relevance in asset protection, probate avoidance, and tax planning for farms.
He shares insights into the legal and practical aspects of transition planning and succession for agribusiness, emphasizing the importance of updating and funding the trust. Real-life stories illustrate successful trust implementations and the challenges of equitable asset distribution among family members. The episode underscores the necessity of early planning and communication to ensure a smooth transition of farm operations to the next generation.
Contact Will McKinley at Menn Law:
William-McKinley@mennlaw.com
(920) 731-6631
https://mennlaw.com/
Do you have a question on succession and farm transition you would like to hear Will answer on the Uplevel Dairy Podcast?
Send your questions to peggy@upleveldairy.com
Listen to this episode with Will McKinley from Menn Law Firm below!
This Episode is Brought to you by Menn Law Firm
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