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Podcast: Uplevel Dairy Podcast
Episode: 193 | Using Trusts in Farm Transition Planning
Description: In this episode of the Uplevel Dairy Podcast, Peggy is sitting down with Will McKinley, President of Menn Law Firm, to discuss the importance of trust and estate planning for farm families.Â
Will explains three different types of trusts, including Medicaid, revocable, and irrevocable trusts, and their relevance in asset protection, probate avoidance, and tax planning for farms.
He shares insights into the legal and practical aspects of transition planning and succession for agribusiness, emphasizing the importance of updating and funding the trust. Real-life stories illustrate successful trust implementations and the challenges of equitable asset d...