Trusts are often an important component of a farm succession plan. But there are two primary different types of trust – revocable and irrevocable. A revocable trust often meets most needs and can be the preferred choice for flexibility. However, in cases where enhanced asset protection or estate tax management is necessary, an irrevocable trust may be more suitable. Occasionally, a combination of both types may be needed for optimal results.
A new bulletin, Understanding Revocable and Irrevocable Trusts, is now available to help you compare these trusts and consider how each can play a role in your farm’s transition plan. Find this bulletin and many other farm transition related resources at farmoffice.osu.edu.
Also, we are about to renew our popular Planning for the Future of Your Farm Series with several in-person workshops scheduled:
- December 4, 2024 – Fulton County (9:00 to 4:00 p.m.)
- January 23, 2025- Putnam County (9:00 to 4:00 p.m.)
- February 6, 2025- Pickaway County (10:00 to 4:00 p.m.)
- February 18, 2025- Clark County (9:00 to 4:00 p.m.)
- March 3 & 17, 2025- Washington County (6:30 to 9:00 p.m.)
- March 11 & 13, 2025- Wayne County (6:00 to 9:00 p.m.)
- March 13 & 18, 2025 – Knox/Licking/Delaware County (6:00 to 9:00 p.m.)
An online webinar version will also be available on February 3, 10, 17, and 24, from 6:30 p.m. to 8:00 p.m. For more information on both the in-person and online presentations, visit Planning for the Future of Your Farm Workshops.