Legacy planning is a part of the financial preparation process that seldom gets enough attention. Individuals are taught from an early age the importance of a legacy plan. When you ask your friends or coworkers about if they have a legacy plan, chances are that they’ll say something to the effect of “Sure, I’m all set.” That is likely not the case if they sat down to really evaluate their existing legacy plan. A successful legacy plan is not something you draw up at one time in your life and never touch again. Instead, you should review your legacy plan every few years to ensure that you avoid any problems and make necessary adjustments. If you are looking for some guidance with your legacy plan, our team at Dunncreek Advisors is here to help!Read Full Article
myRA vs. Roth IRA: What You Need to Know about myRA
We have gotten several questions about the new retirement accounts introduced by the president during his State of the Union address in 2014. It’s always nice to have another retirement savings option, but for most of our clients, contributing to a traditional Roth IRA account is a better way to reach their savings goals. In the interest of keeping folks informed, I thought I’d pass along the following details on the myRA.Read Full Article
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Pass Down the Family Farm: 100 Bushel Beans
Recently my dad and I were discussing the amazing advances in crop production he’s seen over his lifetime. It’s something many of us take for granted. People outside agriculture don’t even see it. But it’s truly miraculous when you consider how technology has advanced our production of food and fiber.Read Full Article
Goals for Your Farm Legacy Planning
Whether it’s the 4th of July or President’s Day, Martin Luther King Jr. Day or Memorial Day, there is a lot of discussion about legacy and what each of those days and people mean to our country. So when it comes to agricultural producers, including those who work with them and those who love them, what exactly is the “legacy” for which we are planning? There are two definitions for “legacy” offered in the dictionary: A gift by will of other personal property such as money; or… Read Full Article
Assessing Business Transfer Readiness
With any small business, one significant measure of long-term success is exiting the business on your own terms. Many people are surprised when they learn that exiting a business was unsuccessful. Others are surprised when they learn that other people in their life have expectations about how they exit the business. For now, we will assume that you have a suitable successor in mind to take over your operation. (This is also harder than it sounds and we will discuss this issue in a later post.) Read Full Article
Should You Tap Retirement Savings to Fund College?
Many parents wonder whether they should use retirement funds to pay for college for their children. If your child is looking at attending college in the near future and you’re looking for ways to help your child with their college expenses, you may be planning to dip into your retirement fund. But is this the best financial decision for you and your family? Although 30 percent of parents intend to use their retirement funds to pay for their children’s college education, this isn’t the right course of action for all parents. At DunnCreek Advisors in St. Paul, MN, we want to be sure that you make the right financial decision for you and your family, and we’ll help you evaluate the advantages and disadvantages of funding a college education with retirement savings. When you’re trying to decide whether to fund your child’s college education with your retirement savings, consider the following three factors:Read Full Article