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.
Farm business management can be a complicated topic that is made much easier by informative bulletins. This article from Robert Moore introduces a new OSU Extension Bulletin on the topic of revocable and irrevocable trusts in farm succession planning. Moore also discusses several upcoming workshops on the topic of “Planning the Future of Your Farm”. https://farmoffice.osu.edu/blog/thu-11142024-651pm/new-publication-explains-trusts