Ohio Farm Bureau introduces Energy and Utility Issues Resource Guide
Ohio Farm Bureau’s newest resource for members seeks to help farmland owners navigate the many questions surrounding energy development.
Read MoreA large number of farm succession plans are trust-based due to the need for flexibility and creativity to address a farmer’s succession goals. The trust assets will be managed by a trustee, which makes selecting a trustee a key question for you and your family to answer.
Needless to say, you want to select a trustee who you can trust.
When selecting a trustee, you should keep a couple important traits in mind.
First, a trustee should be organized and good with keeping records. Your trustee must be capable of managing the various assets in your trust.
Second, a trustee must also be able to follow the directions that you put into the trust document, as well as handle the discretionary decisions you give him or her. Your trust is likely to include both direction and discretion, but the balance between these is up to you. You might favor direction if you trust the trustee, but are concerned about his or her ability to withstand pressure from beneficiaries.
Third, a trustee should be someone you can rely on. If you are already hesitant while you are still alive, that could be your gut telling you that this person might not be the best person to carry out your legacy.
Farmers typically select a qualified family member or friend to serve as trustee. If you do not have a family member or friend who is qualified to serve as trustee, you can always designate a corporate trustee, such as a bank or trust company. Corporate trustees charge an administration fee, so be sure you understand how much they charge before you select a corporate trustee.
A major goal of farm succession planning is for you to sleep easily knowing that your legacy is secure. Talk about your trustee options with family, friends or your attorney. In the end, trust your instinct.
Wright & Moore Law Co., LPA has a rich heritage in Ohio agriculture. Since 1988, our firm has proudly assisted farmers, rural residents, and landowners from all over the state with their farm succession planning and agricultural legal needs. We would be happy to discuss your family goals and how to meet them. To learn more about Wright & Moore or schedule a meeting, call 740-990-0750 or visit OhioFarmLaw.com.
Ohio Farm Bureau’s newest resource for members seeks to help farmland owners navigate the many questions surrounding energy development.
Read MoreIf you’re interested in exploring manure digesters for your farm, talk to an Ohio State University Extension specialist familiar with the systems.
Read MoreOhio Farm Bureau is featuring innovative agricultural technology solutions and cutting-edge research at this year’s Farm Science Review Sept. 17-19.
Read MoreThe 14th annual Cultivating a Cure, an event created to support cancer treatment and prevention research, welcomed nearly 350 attendees and raised an event record-breaking $156,485.
Read MorenuWay Ag is a company driven to help, lead, and educate farmers and pilots about the opportunities available with drone technology.
Read MoreOhio BWC services are offered at no cost to employers, helping to ensure that a safer and more productive harvest season is the main priority.
Read MoreAn upward trend in CAUV values and significant increases in soil values for 2024 apply only to counties that are being reappraised or updated in 2024.
Read MoreThroughout all visits there were three constant themes that are also relevant in Ohio agriculture: efficiency, scarce resources, and collaboration.
Read MoreOhio Farm Bureau Young Ag Professionals program is seeking participants for its Discussion Meet, Excellence in Agriculture, and Outstanding Young Farmer contests.
Read MoreThe 2024 Sale of Champions livestock auction concluded the Ohio State Fair. This year’s sale raised $134,500 for the Youth Reserve Program.
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