Farmer’s Guide to Trucking Regulations available to Ohio Farm Bureau members
The guide includes a farm driver checklist, overview of state and federal regulations and exemptions, CDL qualifications and more.
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A 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.
The guide includes a farm driver checklist, overview of state and federal regulations and exemptions, CDL qualifications and more.
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Ohio Farm Bureau provides opportunities, platforms and resources to help you develop your voice in the industry and give farmers a seat at the table with leaders and legislators.
Read MoreThe emergency fuel waiver to allow the sale of summer gasoline blends containing 15% ethanol will lengthen the period during which Americans can continue buying E15 from June 1 to Sept. 15.
Read MoreThe Small-Scale Food Business Guide covers federal and state regulations for selling food products such as raw meat, dairy, eggs, baked goods, cottage foods, fruits and vegetables, honey and more.
Read MoreNew resources and technology are broadening the different types of sales tools and strategies available to farmers.
Read MoreODA will enroll 500,000 acres into the program for a two-week sign-up period, beginning April 22, 2024, through May 6, 2024. Contact local SWCD offices to apply.
Read MoreKatie Share of Columbus has been named ExploreAg and Youth Development Specialist for Ohio Farm Bureau.
Read MoreMary Klopfenstein of Delphos has been named Young Ag Professional and Ag Literacy Program Specialist for Ohio Farm Bureau.
Read MoreThe plan has been updated to give sole proprietors access to more rate stability and a smart solution that offers potential savings on health care.
Read MoreThe American Farm Bureau Federation, in partnership with Farm Credit, is seeking entrepreneurs to apply online by June 15 for the 2025 Farm Bureau Ag Innovation Challenge.
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