Wills & Trusts: What Farmers Need to Know for Transition Planning With Heather Venenga
Wednesday, January 29, 2025
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Wills & Trusts: What Farmers Need to Know for Transition Planning With Heather Venenga
Part 1 of 2*
In this first episode of a two-part series, Tracy Brunet sits down with Heather Venenga, a financial advisor and author of Protect Your Pack and Your Den! Steps to Successful Farm Succession Planning. They dive into the essential topic of Wills & Trusts, focusing on what farmers need to know to navigate transition planning effectively. Heather shares insights on the differences between wills and trusts, when to use them, and how to avoid common mistakes that can impact farm succession planning.
Heather also introduces a third option—using corporations and shares for passing on the farm—and discusses the pros and cons of this approach. Tracy and Heather set the stage for a more in-depth exploration of this topic in the upcoming second episode, providing valuable information to help farmers prepare for a secure future.
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Key Topics Discussed:
- Introduction to Wills & Trusts:
- Heather breaks down what wills and trusts are, and how they work in the context of farm succession planning.
- When is a Will Enough vs. When to Consider a Trust:
- Heather explains the scenarios where a simple will might suffice and when a trust could be more beneficial for farmers, especially as it relates to long-term succession planning.
- Revocable vs. Irrevocable Trusts:
- A discussion on the differences between revocable and irrevocable trusts, and when to use each.
- Common Types of Wills and Trusts:
- Heather shares which types of wills and trusts are most commonly used in farm succession and what farmers need to consider when choosing the right option.
- Corporations and Shares as an Alternative to Wills & Trusts:
- Heather touches on the option of passing the farm to the next generation through a corporation and shares, introducing the idea and discussing the pros and cons. (The full discussion on this will continue in Part 2*).
- Common Mistakes Farmers Make with Wills & Trusts:
- Heather shares the biggest pitfalls farmers should avoid when it comes to wills and trusts in the succession process.
- Words of Wisdom for Farmers:
- Heather offers practical advice for farmers listening to ensure they make informed decisions in their estate planning.
Why You Should Listen:
If you're a farmer planning for the future of your farm, this episode will give you valuable insights into how to effectively manage transition planning through wills and trusts. Heather’s practical advice and deep knowledge in financial planning will help guide you through the often-complex decisions surrounding farm succession.
This episode sets the stage for Part 2*, where Tracy and Heather will dive deeper into the pros and cons of passing on the farm via corporations and shares and tackle other important elements of succession planning.
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Resources Mentioned in This Episode:
- Protect Your Pack and Your Den!: Steps to Successful Farm Succession Planning by Heather Venenga (Book by guest)
- Contact Heather Venenga at American Harvest Financial, Watertown, SD - https://www.americanharvestfinancial.com/
Catch Part 2 of this series: Fair & Equal in Succession Planning Without Destroying the Family Farm With Heather Venenga
https://www.farmmarketer.com/Resources/ResourceItem?resourceItemId=537
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About the Guest:
Heather Venenga
Author, Speaker, Owner | American Harvest Financial
Heather is a multi-talented powerhouse! She's not just your average investment advisor representative; she's also an incredible author, captivating speaker, and is passionate about helping farm families with succession planning, supermom, farm wife, and an absolute motivational junkie! She is highly driven to help hardworking people in the Midwest live and leave their legacies.
Heather's journey has been a series of interconnected events that have led her to her current role as a investment advisor representative who helps farm families transition planning. It all started when she obtained her bachelor's degree at South Dakota State University, where she met her husband, Rob. After moving to Lincoln, Nebraska, she pursued a Master's Degree in Management while working in corporate America for 17 years.
Learn more about Heather Venenga: https://www.americanharvestfinancial.com/about
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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
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Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.
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