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<blockquote data-quote="farmerjan" data-source="post: 1398268" data-attributes="member: 25884"><p>I think that since you have had business dealings with the in laws before and you have been able to make it work, that this may also work. One suggestion, since you said that you think that they want to sell it to you a bit at a time so they have money to enjoy retirement....why not suggest to them that they "sell" it to you on paper, and hold the mortgage so that you are only making a certain payment to them over the course of a year, or in a yearly lump sum or something like that. Give them lifetime rights to the house or what ever they are living in, and whatever you both agree to. They will be getting some money to enjoy their retirement, they will not be responsible for the taxes, you will in essence be buying it "a little at a time" in regard to the payment; But you can then start doing any improvements you want/need...fences, cross fencing for rotational grazing, waterers , anything. They are free to come and go if and when they want. It sounds like it basically is working that way now, but this way you will be able to claim any work you do against the farm in your taxes and such. God forbid that something happens to them, and the place has to be sold to settle the estate. This way it takes it out of the estate. Should one or both becomes disabled and they would have to go into a care facility, there are so many laws concerning what you own and all that this might also be a way to take that out of the equation. I don't know about all those ins and outs, I just know that for some nursing homes you can only have x amount of money and certain things will disqualify you for different programs.</p><p></p><p>The rustic wedding destination might be a good deal, since your wife is a wedding photographer, she would have the inside tract on how to go about what you need to do, and what works, preferred facilities, what people look for and all that.</p></blockquote><p></p>
[QUOTE="farmerjan, post: 1398268, member: 25884"] I think that since you have had business dealings with the in laws before and you have been able to make it work, that this may also work. One suggestion, since you said that you think that they want to sell it to you a bit at a time so they have money to enjoy retirement....why not suggest to them that they "sell" it to you on paper, and hold the mortgage so that you are only making a certain payment to them over the course of a year, or in a yearly lump sum or something like that. Give them lifetime rights to the house or what ever they are living in, and whatever you both agree to. They will be getting some money to enjoy their retirement, they will not be responsible for the taxes, you will in essence be buying it "a little at a time" in regard to the payment; But you can then start doing any improvements you want/need...fences, cross fencing for rotational grazing, waterers , anything. They are free to come and go if and when they want. It sounds like it basically is working that way now, but this way you will be able to claim any work you do against the farm in your taxes and such. God forbid that something happens to them, and the place has to be sold to settle the estate. This way it takes it out of the estate. Should one or both becomes disabled and they would have to go into a care facility, there are so many laws concerning what you own and all that this might also be a way to take that out of the equation. I don't know about all those ins and outs, I just know that for some nursing homes you can only have x amount of money and certain things will disqualify you for different programs. The rustic wedding destination might be a good deal, since your wife is a wedding photographer, she would have the inside tract on how to go about what you need to do, and what works, preferred facilities, what people look for and all that. [/QUOTE]
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