Trusts: Keep the Family a Family and the Farm the Farm
Traditional estate planning offers simple outright distribution patterns or purchase options but typically fails to meet the realities of modern-day farming. An alternative approach is the use of trusts.
In this farminar, Doug Thesenvitz (Thompson Law) and Amy Williams (Cornerstone Private Asset Trust Company) explain what a trust is, how trusts work and how they can be used to create a legacy plan that transitions assets to the next generation in a smart and protective manner.
Doug Thesenvitz is an attorney at Thompson Law, based in in Sioux Falls, South Dakota, and helps farm families navigate estate planning using trusts.
Amy Williams is a trust officer with Cornerstone Private Asset Trust Company based in Bloomington, Minnesota, and has over 15 years of experience in banking, trust and investment banking. This farminar was recorded on March 10, 2020.