November 14, 2016
Increasing farming income with a little help from The Private Client Reserve.
Following the patriarch’s death, a family in southwestern Minnesota faced a difficult farm management situation.
The family’s CPA, who became lead trustee and manager of the farm, didn’t have the agronomical and economics background to properly take care of the family farm, including negotiating leases. This caused the mother and one of her three daughters to question whether they were getting a fair profit for their farmland. Meanwhile, the other two daughters were more concerned about the tenants. All of this created family friction.
The family turned to U.S. Bank for advice and support. After learning about the situation, Barry Kelner, Personal Trust Relationship Manager at U.S. Bank Wealth Management,
engaged Jim Myhra, Managing Director of Farm, Ranch & Timber Management at U.S. Bank, as well as a team of other experts, to step in to take over as trustee and farm manager for the family. This team was tasked with providing farm management services administration and asset management for the family’s farm and non-farm assets.