Buying land from family

[KMacGinley]

I see that the cattle prices topic is locked out.

3MR: No offence taken, but when Grandma has 3 kids and you are buying the family farm from her, you pay the appraised price or all hell breaks loose.

 

[3MR]

I see that the cattle prices topic is locked out.

3MR: No offence taken, but when Grandma has 3 kids and you are buying the family farm from her, you pay the appraised price or all be nice breaks loose.

I'll bet thats right! coming from a big family that come from a history of big families I know exactly what you are talking about. I really do think its great that you arent dividing it up and are keeping it in the family. Call it Amercan Nostalgia ow whatever, but I really hate to see the family farm become an endangered species.

 

[redfornow]

Yep been there done that got the t-shirt.
It isnt easy but well worth it.
What I love is when "family" comes over and still feels like because someone they loved lived here, they can and should have input. Oh well family land can be sold but never really bought. If you know what I mean.

MD

 

[Green Creek]

We bought land from family after taking care of it for fifteen years with no help from siblings. They had no interest in helping do anything but when the sale came up, all the crying and moaning about the "home place" broke loose. Then we were given credit for 15 years of sweat equity, so that really rubbed a sore spot. After several years of investing big bucks to bring the place up to soil test, new fences and new ponds, no one is interested in seeing improvements to the land they supposedly loved.

Si

 

[bubchub]

My dad bought his grandad's farm. Nobody wanted to buy but everybody wants to come use it like it is still a family farm. At first my dad was nice until the relatives invited friends to fish and my dad ended up picking up beer cans (my dad is very conservative and against drinking). So now my dad has leased all fishing rights to his friends son ($5 )to keep the relatives off his back. :lol:

 

[Hippie Rancher]

What I love is when "family" comes over and still feels like because someone they loved lived here, they can and should have input.

Heck, I get that from perfect strangers. "oh I used to know your dad" Uh, it was probably my Grandfather and he sure as hell never mentioned YOU.

Or "We've been picnicking here for years" WTF? Um, OK well you NEVER HAD PERMISSION, so get the ____ lost!

Then you get the real old timers who actually have the decency to ask and you sort of feel like here is the person that DOESN'T need to ask - been around the place more than me!

 

[cherokeeruby]

We have a family that comes out here to fish like you described. They have been fishing here longer than we have been alive. They always ask and they are the only people we allow on the place.

What I love is when "family" comes over and still feels like because someone they loved lived here, they can and should have input.

Heck, I get that from perfect strangers. "oh I used to know your dad" Uh, it was probably my Grandfather and he sure as be nice never mentioned YOU.

Or "We've been picnicking here for years" WTF? Um, OK well you NEVER HAD PERMISSION, so get the ____ lost!

Then you get the real old timers who actually have the decency to ask and you sort of feel like here is the person that DOESN'T need to ask - been around the place more than me!

 

[Caustic Burno]

The orignal family farm on Mom's side was bought by a cousin he was the only one that could afford it. It is nice that it is still in the family get to stop by with the grandkids and show them where there Great-Great Grandfather settled .farmed and ranched. Its nice if you can keep the land in the family but business is business ,and most of the younger generation is interested in the work that goes with it.

 

[Texas Ranch Man]

Funny, how many people want to use what you spent your treasure on, without a thought of contributing. I leased Hunting, Grazing, & Fishing rights to the best man I have ever known for 1 cent "LIFETIME" We by the way do all of these things together. Now when someone asks I just tell um "Sorry, but thats all leased out to Steve, However I have some Fence work or whatever is the current project is and I tell um I can get you on, a days work gets you a days Hunting." So far I have not had one sinlge person take advantage of this opportunity. amazing how that works out.

 

[Susie David]

I never figured out the path of succession in passind down the family place. My dad's older brother got the farm and kept the parents until they passed, he was the first to marry and brought his bride home, the other brothers left to do other things but the wife's brother moved in to help work the place, the wandering brothers all at one time moved back and two live until death on the farm. My dad brought me to spend summers and most holidays, wasn't fond of winter.
Any way uncle Joe died and aunt Maggie and her brother John finally sold the place and moved to a nursing home. I wasn't in position to but the place but it would have been nice if I was asked. Jsut my two bits worth. Dave Mc

 

[backhoeboogie]

Mom sold the place to a stranger. She offered it to me but one of my sisters wouldn't hear of it. She wanted me to split it with her. That wouldn't work. She is about as hard headed as I am. I told her to buy it for herself. She said she couldn't afford the whole place. I said, "Then let me buy it." She couldn't hear of that. She convinced mother to sell it to someone else. Go figure.

There is land I inherited in East Texas. Taxes are next to nothing but I have been paying them for all of my siblings for the last 13 years. We haven't split it yet. Each of them act like the whole place is their's. Need to split it out. It is covered in pines. Anyway, maybe its a good thing I didn't buy Mom and Dad's old place. My siblings would prolly feel like that whole place was theirs too.

 

[cmjust0]

There is land I inherited in East Texas. Taxes are next to nothing but I have been paying them for all of my siblings for the last 13 years. We haven't split it yet. Each of them act like the whole place is their's. Need to split it out. It is covered in pines.

Tell them you think the land should be cleared and sold as pasture, and that they needn't worry with it because you'll handle all the details.

Have it logged, put the big fat check in YOUR account as payment for overseeing the work, and then split the proceeds from the sale of the pasture with them.

If they're like most people, they'll probably be happy they didn't have to write a check to get the land cleared and likely even happier with an improved sale price, and you can laugh (at them) all the way to the bank.. :lol:

 

[stocky]

This subject might have caused more family breakups and hard feelings than any subject I know of. I know of several situations where one of the children stayed on the farm and took care of the parents while the rest went away from the farm. That one person sacrificed in their own life and because of the love they had for the parents helped them through their lives to the end. After the parents were gone, everyone comes back and wants "their part". It typically ends up in a fight and life long hard feelings. For the sake of the family, the parents need to make it clear who the property goes to and under what terms at their death. This might not stop all the bickering and battling, but it would be a big help. Where family emotions come into play, it is a treacherous road for all.

 

[Hawk]

I sincerely believe that the cruelest thing a landowner can do is to leave his heirs undivided interest in his land. The kindest thing is to specify exactly what parcel each heir is to receive.

 

[Herefordcross]

Try having 180 acres of hay ground left to eleven grandkids. That's what we have here. And I won't go near the place! It borders ours, I have a six strand hi tensile fence between that ground and ours with no gates!! Nothing but headaches over there!

 

[Bez?]

Us kids got together and put insurance on the folks. A friggin BIG policy. The money pays for the land. The land stays in the family and adds to the total holdings. Overall a cheap investment with a huge return. It also pays for all the burying costs, estate cleanup costs and privides cash for those not interested in the land.

Settled a bunch of potential differences before they happened.

It was the folks who suggested it.

Everyone is happy. Way less cost than buying it from the estate. No fights when the old folks are in the ground.

Bez?

 

[dj]

No fights when the old folks are in the ground.
Bez?

So goes the theory. But it doesn't always work that way.
Personal experience for the last 4 years says if you want something to go a certain way do it before you die.
I don't care what you put in black and white. Who you have as witness's or that you have filed your will and trust with courthouse. Or how simple or fair you try to make it. It can be mucked up royal.

 

[3MR]

Us kids got together and put insurance on the folks. A friggin BIG policy. The money pays for the land. The land stays in the family and adds to the total holdings. Overall a cheap investment with a huge return. It also pays for all the burying costs, estate cleanup costs and privides cash for those not interested in the land.

Settled a bunch of potential differences before they happened.

It was the folks who suggested it.

Everyone is happy. Way less cost than buying it from the estate. No fights when the old folks are in the ground.

Bez?

Sounds good, but still doesnt mention divisions or possible use restrictions.

I think if you have more than one heir you need to be very specific.

I intend to make sure my land stays in the family, undivided, even if nobody wants to farm it for the next 200 years. Eventually there might be someone who does and I want that decendent to be able to carry on.

 

[shutskytj]

I am in the same situation the original farm is 169 acres old dairy farm. My father pasted and I got 50 acres no body in the family except one cousin comes to the farm now we use to all get together every Sunday at the farm and my aunt would cook. She has altimers now and needs help so I make sure she eats and cleans and everything off course when she and her brother pass all the cousins will be coming then. Very sad I try to maintain the land too but all the original barns and sheds are just falling down. I don't have near the money it will take to buy it either.

 

[Bez?]

Trust me - you doubters and potential nay sayers - I cannot devulge details - but there is a definite contract and a definite set of legalities ALL have agreed to. And there are definite PENALTIES should there be challenges. And because of where we live there is also a rather large amount of tax free cash to be made available.

It CAN be completed prior to death of family owners. But ONLY if all sit down and do it proper. ALL family members.

And most important - despite what most would think and believe - a Will does not satisfy all requirements. In fact it is a weak and ineffectual document. Easily challenged and often easily defeated. People who trust in wills - in my opinion at least - are rather foolish.

Want it done right - do it right - right from the start.

Did not realize my comment would bring the remarks - but then again I did not fill in the blanks. Some I could not - even after we put the old folks in the ground - confidentiality clause. There has been substantial money spent in advance to ensure this does not tear the family apart and negotiations have been completed long time ago now.

I might add this money did not come anywhere near what a lawsuit or legal challenge to a will or the purchase of new farm land would cost. In fact the amount was rather less than $10K.

If people (parents and grandparents) did this when they were young they would ensure the family farm / ranch did not get broken up. Remember - everyone is sad when the old folks die.

Then grief usually turns to greed. Kill it before it starts by satisfying that greed.

It can be done. It should be done.

If it is not, then the family only really gets what it deserves - strife in the largest magnitude.

Bez?