Have you ever asked yourself life’s most important question, “what is the point to what I am doing?” Or maybe it’s more like, “why am I am doing what I am doing?” For our farm clients at Dunncreek Advisors, it’s a valid question that runs through the minds of every farm owner that walks through our doors. Honestly, have you thought about what your purpose is? Many of our clients come in and tell us that they are working hard and building something that will hopefully bless their next generation. However, is building up your farm truly going to bless others? Is it your true purpose? Dunncreek Advisors can help to be a third party resource when important decisions like your farm legacy come into play, regardless of your purpose. Read Full Article
The Important Succession Questions Around Whether or Not it’s Worth itRead More
Lots of folks have life insurance. Often they got it a long time ago. Mostly they think that it’s handled and they don’t need to think about it. But, often, they are wrong. A quick check is worth the trouble.
Death is not easy. Sure, a passing that is expected is a little bit easier to swallow than one that suddenly occurs, but either way you can be left heartbroken. When financial stress around a legacy plan adds to the stress during this time, families have been broken apart when they should be holding each other close. If you are adamant that this type of situation doesn’t happen to your family, it is important to go ahead and focus on getting your surrounding family in line with your legacy plan.
If the land that you own has had a consistent tenant year after year performing operations such as farm work or running a business, chances are that you probably have a close relationship. When reviewing your estate plan, the question becomes whether or not you should include a monetary gift to your tenant. Whether it is a few thousand dollars or a few hundred thousand dollars, this is a decision that should be thoroughly thought through. Working with a financial expert that specializes in estate planning is your best bet to ensure that all parties involved are treated well. A financial advisor can walk through the goals that you have in place for your estate plan and help to make sure that those goals are achieved.
It might surprise you the mistakes that can derail your retirement plan.
With so much going on in our daily lives, it is difficult to keep up with things like your estate plan. However, if you sit down and think about it, staying up to date with your estate plan should actually be a top priority. Rather than spending time in front of the television or at the nearby bar, consider designating time to update your estate plan. If you don’t know where to even begin when it comes to evaluating your existing estate plan, don’t hesitate to contact our dedicated team at Dunncreek Advisors. While there are a lot of things to consider, you want to make sure that certain questions are addressed during the review of your estate plan.