Depending on the state that your farm resides, there may be legislation in place that could help your homestead property financially. For instance, in the state of Minnesota, a special law provides an estate tax exemption for agricultural homestead property. Without the assistance of a financial advisor, you may completely miss this way for your …
Estate Planning
Investment Strategies for Retirement
When planning for retirement, there are several factors to consider when creating a realistic retirement plan. While it used to be easy to predict how your retirement would work, these days, it’s not so simple. Many of us have been used to thinking that we should graduate college in our twenties, begin working, start our families in our thirties with an established career, and retire in our sixties. For some, this may be exactly how retirement happens. For others, retirement, and in fact their entire lives, will be much different than this image of ideal retirement and life planning. Don’t worry, though; no matter how unpredictable your career or personal life may be, by planning for your retirement now, you can be sure that you make the right financial decisions today that will ensure a successful retirement down the road. At DunnCreek Advisors, our St. Paul, MN retirement advisors want to help you create a realistic retirement plan for your future. To begin planning your retirement, ask yourself the following four questions:Read Full Article
Importance of a Long Term Health Care Plan on the Farm
There comes a time in everyone’s life where they can no longer function in the same manner than in their earlier years. While this can be extremely sad for a family, it can also be financially devastating as well. Not only does the family farm need to have a plan regarding who will maintain and …
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Implementation of the Game Plan Is as Important as the Legacy Plan
If you are a farm owner who would love to see your farm passed down for generations to come, it is important that you pay attention! Simply coasting through your last decades of life, not updating your farm transition legacy plan may cause you to miss some key items. Has the game plan that you would like to implement with your family farm been truly fulfilled? If you would like to leave the family farm to your children, a regular review of your farm transition legacy plan is a necessity. Our team at Dunncreek Advisors is here to help ensure that everything is in place!
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Benefits of Revocable Trusts for Farm Families
For any farm owners, it is imperative that some financial planning takes place. While we understand that growing up on the farm may mean that you don’t have much of an interest in financial planning, it still is very important. Our team at Dunncreek Advisors has a passion for helping farm families develop a revocable living trust. A revocable trust allows for the trust to be adjusted or amended by the grantor at any point in time. The reason we feel that a revocable trust is so important for farm families is so that all of the plans are set should the owner die or become incapacitated. This is not a conversation that many people enjoy talking about, but it is extremely important.Read Full Article
Four Blind Spots That Can Wreck Your Transition
Whether the transition you face is a transition out of the farming business or just the transition from full-time employment into retirement, beware some common blind spots. When faced with an important life transition, most people struggle with some common blind spots.
1. Decision Overload
As the transition approaches you face loads of choices. When to start the process? What types of advisors to consult? Which individual advisors to trust? How to reduce the risk of a disruption to you plan?
Being flooded with so many questions can be overwhelming. There’s pressure not to mess up. It’s a recipe for procrastination—analysis paralysis. As a result, many people do nothing. But that choice can be harmful to your transition.Read Full Article
