An effective estate plan will help you preserve your family legacy.
The assets in your estate represent the values and traditions you hold dearly. Whether you own family farmland, a family business, home, cabin, or retirement assets, an effective estate plan can fairly and equitably distribute assets to your children or heirs. It does this by allowing you to set rules on when and how these assets get distributed.
If you own a farm, you might decide to treat farming and non-farming children differently. Chances are you still want to treat them fairly. A favorite saying of ours is that an effective estate plan will encourage your children to love each other long after you pass away.
Through a trust, your estate plan can do things like designate land ownership to your children while requiring siblings to rent to the farming child at a discounted rate. This means that your children can share in - and continue to promote - the values you’ve worked for like land stewardship, community, and work ethic.