Uplevel Dairy Podcast

193 | Using Trusts in Farm Transition Planning


Listen Later

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. 

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 distribution among family members. The episode underscores the necessity of early planning and communication to ensure a smooth transition of farm operations to the next generation. 

  • 00:00 Introduction and Welcome
  • 00:14 Menn Law's Legacy and Services
  • 02:01 Will McKinley's Background
  • 02:45 Understanding Trusts: An Overview
  • 04:11 Medicaid Trusts Explained
  • 05:10 Revocable Trusts: Essential for Farms
  • 06:57 Irrevocable Trusts: Advanced Planning
  • 16:19 Practical Applications and Case Studies
  • 25:46 Challenges in Trust Planning
  • 28:57 Success Stories and Final Advice
  • 35:23 Conclusion and Contact Information
  • This Episode is Brought to you by Menn Law Firm

    Contact Will McKinley at Menn Law, Appleton, Wisconsin:

    • (920) 731-6631

    • https://mennlaw.com/

    • Do you have a question on succession and farm transition you would like to hear Will answer on the Uplevel Dairy Podcast?

      Send your questions to [email protected]

      ...more
      View all episodesView all episodes
      Download on the App Store

      Uplevel Dairy PodcastBy Peggy Coffeen

      • 4.8
      • 4.8
      • 4.8
      • 4.8
      • 4.8

      4.8

      31 ratings


      More shows like Uplevel Dairy Podcast

      View all
      AgriTalk by AgriTalk

      AgriTalk

      150 Listeners

      AgriTalk PM by Farm Journal Media

      AgriTalk PM

      128 Listeners

      Ag PhD Radio on SiriusXM 147 by Ag PhD

      Ag PhD Radio on SiriusXM 147

      228 Listeners

      SharkFarmer Podcast by Rob Sharkey

      SharkFarmer Podcast

      358 Listeners

      The Business of Agriculture Podcast by Damian Mason

      The Business of Agriculture Podcast

      116 Listeners

      The Milk Check by T.C. Jacoby & Co. - Dairy Traders

      The Milk Check

      21 Listeners

      Farm4Profit Podcast by David Whitaker, Corey Hillebo, Tanner Winterhof

      Farm4Profit Podcast

      379 Listeners

      DairyVoice Podcast by DairyBusiness

      DairyVoice Podcast

      18 Listeners

      Progressive Dairy Podcast by Progressive Dairy editors

      Progressive Dairy Podcast

      18 Listeners

      Straight Forward Farming by Growincorn2020

      Straight Forward Farming

      973 Listeners

      Barn Talk by Tork and Sawyer Whisler

      Barn Talk

      1,615 Listeners

      STtalks by STgenetics

      STtalks

      10 Listeners

      Dairy Agenda Today by Melissa A Hart

      Dairy Agenda Today

      7 Listeners

      The Dairy Podcast Show by Wisenetix

      The Dairy Podcast Show

      9 Listeners

      GPS DairyCAST by GPS Dairy Consulting, LLC

      GPS DairyCAST

      3 Listeners