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FARM FINANCES

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Sometimes, Myron Friesen says, there are things in a farm's story that one can't unhear and that are vital to understanding a family's decision making process.
Nelson, Weston and Eric Skolness of Farmers National were discussing land values during one of the seminars at the opening day of the Big Iron farm show in West Fargo.
"With farm estate planning, not understanding what the other person says can be a multimillion dollar error or years of agony that no one will be laughing about."
Just about every appointment with estate planning, something comes up about the in-laws.
Myron Friesen discusses how "enough" money changes over time and how that might impact estate planning.
"A fiduciary is someone who has the responsibility of taking care of assets or money for another person or group of people. Any time money and other people are involved, you have a serious responsibility."

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"Many people may want their children to come back home, but to me it would be hard to suggest changing any plan until a child invests both their time and money for a period of time to determine if they are serious. To me that often sounds like someone wanting to take from the farm not add to it."
Not all farm families know what's going on in the business. Ignorance often no longer is bliss at the time of a death, Myron Friesen says.
The North Dakota Attorney General’s office is asking Red River Trust, a Washington-based entity with offices in the Kansas City, Kansas, area, and an address at Grafton, North Dakota, to prove that it doesn’t violate anti-corporate farming laws, which would require it to sell land it purchased from owners of Campbell Farms of Grafton.

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