![]() To ensure farm transfer goals are met, trusts should generally be used in combination with at least the following: a will, long-term health care planning, life insurance, and tax planning for both estate taxes and gift taxes. Trusts are often used together with a will as part of an estate planning strategy, and can be used to provide for an uninterrupted transition of the farmland and farm business. The basic characteristics and the pros and cons of each type are discussed more fully below. ![]() There are three main types of trusts particularly relevant to farm transfer: 1) Revocable Living Trusts 2) Irrevocable Living Trusts (of which one sub-type is a Charitable Remainder Trust) and 3) Testamentary Trusts. Trusts can be used as the primary tool in a farm transfer process, and one or more types of trusts can be used simultaneously by the same farmer. Trusts that can be used during a farmer’s life are called “living” trusts, and trusts that are effective only at death are called “testamentary” trusts. Trusts can help farmers manage and distribute their assets in order to meet farm transfer goals – both during life and after death. Transferencia de una Sociedad Agrícola de Responsabilidad Limitada (LLC)/LLC-Based Farm Transfer.Servidumbre de Conservación/Conservation Easements.Recursos Adicionales/Additional Resources.Preguntas sobre Arrendamientos Agrícolas/Questions To Consider Before Signing A Lease.Arrendamiento Creativo/Creative Leasing.Agricultura Colaborativa/Collaborative Farming.Acuerdo de Arrendamiento con Opción de Compra/Lease-to-Own.Video introduciendo los recursos/Video introducing the resources.Questions To Consider Before Signing A Lease.Louis City, St Charles County, and Jefferson County, Missouri. Peters, Sunset Hills, Creve Coeur, Bridgeton, Bel-Nor, and to St. Charles, Des Peres, Ellisville, Florissant, Frontenac, Glendale, Hazelwood, Maryland Heights, Richmond Heights, Town and Country, Ladue, Kirkwood, Crestwood, Hillsboro, O’Fallon, Rock Hill, Sappington, Shrewsbury, St. The Elster Law Office, LLC provides legal services to the cities of St. An attorney-client relationship is created only upon my acceptance of your case, after consultation, and your agreement to retain our services. Your accessing, viewing, use, or response to this website does not create an attorney-client relationship. It does not provide any legal advice about any specific case or legal matter and shouldnot be considered a substitute for obtaining such legal advice. This website is intended for general information purposes only. The Choice of a lawyer is an important decision and should not be based solely upon advertisements. Tags: Beneficiary, Duty to Report and Inform, Trust, Trustee Under this section, a trustee is (1) required to keep beneficiaries of the trusts reasonably informed about the administration of the trust and of material facts necessary for them to protect their interests (2) must promptly respond to a beneficiary’s reasonable request for information related to the administration of the trust (3) shall promptly furnish to the beneficiary a copy of the trust instrument (4) and shall notify the beneficiaries in advance of any change in the method or rate of the trustee’s compensation.Ĭontact us with questions pertaining to trusts, trustees, beneficiaries, or estates.Ĭategory: Probate Estate Litigation & Administration One such duty is a duty to inform pursuant to Section 456-008, RSMo. In addition to these traditional duties, Missouri statutes impose specific duties on trustees. They hold it for the accommodation and benefit of others - not personal enrichment. What is the reason for such a high standard of conduct? Among other things, trustees are entrusted with property in which they have no beneficial interest. Not honesty alone, but the punctilio of an honor the most sensitive, is then the standard of behavior. A trustee is held to something stricter than the morals of the market place. Id. This duty precludes self-dealing, which under most circumstances is a breach of trust. As part of that loyalty, the trustee is to administer the trust solely in the interest of the beneficiary. While a trustee has many duties (e.g., diligence, impartiality, etc.), the most fundamental duty is loyalty. A trustee is a fiduciary of the highest order and is required to exercise a high standard of conduct and loyalty in administration of the trust.
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