With the warming weather melting away this year’s snowfall, Spring feels like it is right around the corner. Farmers are not the only ones with the spring-time itch as they impatiently wait to get into the fields, as turkey hunters have had Apr…
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As is always the same each year, everyone makes resolutions on what they would like to do differently than in the past over the next year. Generally, saving money, eating healthier, and losing weight are atop of these lists, which are difficult and o…
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The primary goal of most individuals seeking advice regarding long-term care is to preserve assets for their children and to avoid having to sell everything to pay for the nursing home. This can be a challenging goal to achieve when much of a family…
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The IRS recently announced that retirement savers will be able to save even more in 2019. This is great news for anyone that saves through individual retirement accounts like 401(k) plans, IRAs, and ROTH IRAs! The higher contribution limits also give…
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The summer months can be a great opportunity that allows farmers to take care some “legal housekeeping” items. One of these “housekeeping” items that farmers can take care of is updating their estate plan. Updating an estate plan, whether it…
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Among the unique set of problems farmers encounter, estate and succession planning is often the most challenging. Determining when and how to transfer the farm is a long and not always straightforward process. This can include identifying the farm su…
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After establishing a trust, the next step is to properly fund your trust. Funding a trust is the process of transferring or directing assets to your trust. This can be done by re-titling assets in the name of your trust or, alternatively, naming your…
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In 2016, the Department of Treasury proposed new regulations for Section 2704 of the Internal Revenue Code. The proposed regulations would have significantly minimized or eliminated discounts for family limited partnerships and other entities. Earlie…
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On May 30, 2017, Governor Mark Dayton signed ten budget bills, one of which is an exciting opportunity for Minnesota’s youngest generation of farmers. Minnesota’s farming population is aging; in fact, less than 6% of Minnesota farmers are 35 year…
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A 1031 exchange, also known as a like-kind exchange. is a swap of a property held for “productive use or investment” for property of a like-kind. Property is of like-kind if it is the same type of investment. For example, farm land is oft…
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