For your farm business to successfully transfer to the next generation, you will need enough cash flow to support two family units at least for a time.
Commodity harvest is in full swing across the Corn Belt. Prices are low, as usual this time of year, but also about half what they were three harvest seasons ago. Most operations will be challenged to show any true profit in this crop year. Read Full Article
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Stay Out of Your Own Way
Poet Robert Browning said “less is more.” As we work toward our financial goals, we should stay focused on less things.
Many humans, like me, have a tendency to make things more complex than necessary. As we work toward financial goals, let’s keep things simple and let’s start with avoiding “unforced errors.” Read Full Article
Should You Provide A Gift to Your Tenant From an Estate 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. Read Full Article
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3 Questions Regarding Your Estate 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. Read Full Article
Retirement: Surprising Cost of Healthcare
Sometimes as we think of moving out of the workforce into retirement, we think that we won’t need much to live on. It’s easy to be wrong, especially when it comes to health care costs.
Recent studies show that retirees will need $130,000 each just to cover out of pocket expenses of health care. This is in addition to coverage by Medicare. Read Full Article
How to Pick a Financial Advisor
When you decide you need advice to meet your financial goals, be sure to keep these keys in mind as you select your advisor.
Currently there are very few common standards in the financial service industry, so it’s easy for someone to say they are a financial adviser. As you look for a partner in building your financial plan, it helps to ask a few questions: Read Full Article