A Farm Management Specialist says trusts can serve as an important estate planning tool for farm families.

Kelvin Leibold with Iowa State University Extension tells Brownfield a trust is like a bucket to carry your assets in.

“Then you write a rulebook that says what the rules are that the trustee should follow to oversee the management and eventually the dispersal of those assets.”

He says trusts are helpful for larger estates that are more complicated or controlled over a longer period and can separate control and ownership of resources.

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