Buying land from family

[shutskytj]

That is the problem evrything is hush hush in my family and they don't want to settle anything to tell anything very frustrationg my family the Uncle and Aunt never did things right very old school

 

[samm]

there is always the one family member that feels like they got cheated, sinned upon, ripped off, etc...even though they didn't, and as thier paranoia grows they assume that the whole family is against them. it definitly makes the holidays full of fun and cheer. sometimes its easier to love someone than to like someone. sounds crazy but true.

 

[3MR]

I read an article about two years ago, I think in Progressive Farmer. Anyway, it pretty much said what Bez's second post said. Also had some sad stories from people who didnt plan accordingly.

I think a will will work, but you need to make everything very clear. Any type of planning of what is to happen after you go is esentially a will anyway regardless of when it is exercised. I would think it would be a lot easier to contest a will after the writer passes on though as they arent there any longer to clarify what their intentions were.

 

[dj]

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 fine and good. Can you at least put a name to this wonderful document? Surely it's not that confident.
ALL have agreed to. And there are definite PENALTIES
should there be challenges.
Yes and who access's those PENALTIES. Like you I have to deal with confidentality. But I don't think it's a breach to say it's done through arbitration. Which still leads to a document having to be filed with the county clerk. opps more unexpected costs.
And because of where we live there is also a rather large amount of tax free cash to be made available.
Key words there "where we live". Not everyone has room to flex their elbows. I try not to fault them for it.
It CAN be completed prior to death of family owners. But ONLY if all sit down and do it proper. ALL family members.
Again what is this "contract". Personally I don't think it is all of my family members business what they are going to get before hand. Talk about opening a can of worms. Say I want the estate divided even steven. Until I die I get to hear well we would take better care of this or that. This grandson would keep it in the family name. That grandson really really really likes such and such. NO THANKS. The creation of this contract,trust, will whatever should explain.
How to provide for my final costs.
Who gets what if in like kind. What percentage if in dollars.
And it really doesn't need to get anymore difficult than this.
Ahh but then there is that pesky little devil named greed.
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.
Well that foolish part covers most of us most of the time.
But hey I'm just human.
Want it done right - do it right - right from the start.
Again the only sure way is to get it done before your gone.
But I find myself not quite ready to turn over all my possesions.
Most I know are not ready to rely on beneficaries being benefactors.
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.
But could have cost a lot less than that. IF you could expect everyone to do the honorable thing. As in honor thy father and mother.
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.
Nothing is sure but death and taxes
Then grief usually turns to greed. Kill it before it starts by satisfying that greed.

It can be done. It should be done.
I agree. I will testify a revocable living trust isn't the end all to end all. Or a irrevocable one for that matter. And I'm glad my parents aren't here to see all their planning and money go to waste.
If it is not, then the family only really gets what it deserves - strife in the largest magnitude.
I say mostly NO one DESERVES this. But it is a fact of life..

Bez?

Bez? you are so cock sure of something you ain't had to deal with yet. I truly do hope it goes as smooth as a milkshake when the time comes.

 

[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 fine and good. Can you at least put a name to this wonderful document? Surely it's not that confident.
ALL have agreed to. And there are definite PENALTIES
should there be challenges.
Yes and who access's those PENALTIES. Like you I have to deal with confidentality. But I don't think it's a breach to say it's done through arbitration. Which still leads to a document having to be filed with the county clerk. opps more unexpected costs.
And because of where we live there is also a rather large amount of tax free cash to be made available.
Key words there "where we live". Not everyone has room to flex their elbows. I try not to fault them for it.
It CAN be completed prior to death of family owners. But ONLY if all sit down and do it proper. ALL family members.
Again what is this "contract". Personally I don't think it is all of my family members business what they are going to get before hand. Talk about opening a can of worms. Say I want the estate divided even steven. Until I die I get to hear well we would take better care of this or that. This grandson would keep it in the family name. That grandson really really really likes such and such. NO THANKS. The creation of this contract,trust, will whatever should explain.
How to provide for my final costs.
Who gets what if in like kind. What percentage if in dollars.
And it really doesn't need to get anymore difficult than this.
Ahh but then there is that pesky little devil named greed.
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.
Well that foolish part covers most of us most of the time.
But hey I'm just human.
Want it done right - do it right - right from the start.
Again the only sure way is to get it done before your gone.
But I find myself not quite ready to turn over all my possesions.
Most I know are not ready to rely on beneficaries being benefactors.
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.
But could have cost a lot less than that. IF you could expect everyone to do the honorable thing. As in honor thy father and mother.
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.
Nothing is sure but death and taxes
Then grief usually turns to greed. Kill it before it starts by satisfying that greed.

It can be done. It should be done.
I agree. I will testify a revocable living trust isn't the end all to end all. Or a irrevocable one for that matter. And I'm glad my parents aren't here to see all their planning and money go to waste.
If it is not, then the family only really gets what it deserves - strife in the largest magnitude.
I say mostly NO one DESERVES this. But it is a fact of life..

Bez?

Bez? you are so cock sure of something you ain't had to deal with yet. I truly do hope it goes as smooth as a milkshake when the time comes.

I happen to know what I am talking about - you do not know what has happened and I have simply stated fact. Remember there are two sides to families. Wife's side caused this whole thing due to an ugly incident - my side went a different way.

Arbitration was a concern and that was handled - not likely to take place now to the way the money will be disposed of. Through an international agency. The cost would kill anyone who tried to mess with the contract.

I am bound as is the family by specific contract. Specifically designed - and specifically agreed to by family members. Not talking trusts here. It was looked at but considered too easy to attack.

Sorry you did not like it. Surely you would admit most problems come because of grief turning to greed? There is little to no honour in the world when it comes to money, sex or religion - especially among family members.

So perhaps my "cocksure" attittude has some experience behind it.

So ignore what I wrote and do so at your peril - got anything more you would like to add?

All I was trying to say was get your ducks in a row and do it asap.

Or are you simply telling the world you think I am a liar? Sorry to hear it if you are.

Bez?

 

[got_cows?]

The original farmstead we bought was owned by 13 cousins. What a mess. When one didn't want to pay the taxes then the others decided why should I? At closing they owed thousands for back taxes. Taxes weren't the only things they disagreed on either. Getting a group of people to agree on what to do with an asset is very difficult.

 

[Beef11]

I recently went to an estate sale. I entered the house to see some of the trashiest people i've ever seen sitting on Grandmas Couch watching the TV. I asked what was for sale and they said anything in the house except the TV. It was really neat to see all of the stuff grandma and gramps had acquired over the years ( i never knew them) but was sad to see all of the antiques and well cared for treasures so disregarded by their blood heirs.

I also saw some very neat old saddles (late 1800's to early 1900's) at a small pawn shop i inquried about them and apparently they were sold by the grandkids for 50 bucks each.

 

[msscamp]

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

Yep, I know what you mean.