Under the rules against corporate farming, can my family farm be placed into a trust if the trustee is a bank?
• The farm can not be held by the bank as trustee. Under Initiative 300, corporations are prohibited from holding title to family farms. A bank trustee is a corporation and could not hold title to the family farm. An individual trustee would have to be appointed to hold title to the family farm. In addition there are certain restrictions under Nebraska law that require living trusts to qualify as either a “family trust” or an “authorized trust” before the trustee may own farm real estate.
