Bought it a few weeks ago actually. Still can't decide if it was the right move or not. I bought my parents place (81 acres, several nice buildings, and well fenced), and gave them a life time estate. I could never encourage them to do any estate planning. I've never understood why. After seeing my mother in laws health fail, I could think of a some scenarios where the farm was lost to that type of thing. If I were to inherit it, I would have inherited it with my brother. He and I get along, but I've seen relationships dissolve pretty quickly when money is concerned.
It just seemed like the best thing to do. Gives them cash now, so they can maybe enjoy life more. Gives me piece of mind, that later I'm not embroiled in trying to hold on to it. Feels funny though. Very strange actually. It's hard to explain. I've actually started threads about it, but never submitted them (plus, an Internet forum is an unlikely place for a discussion like this). I feel partly guilty, and partly upset that they wouldn't take any measures to plan ahead. At the end of the day, the land held sentimental value to me, and I did what I felt was best at the time. I'm sure to some extent, they feel awkward as well. This is just a situation, that I never pictured myself in. Thoughts?
It just seemed like the best thing to do. Gives them cash now, so they can maybe enjoy life more. Gives me piece of mind, that later I'm not embroiled in trying to hold on to it. Feels funny though. Very strange actually. It's hard to explain. I've actually started threads about it, but never submitted them (plus, an Internet forum is an unlikely place for a discussion like this). I feel partly guilty, and partly upset that they wouldn't take any measures to plan ahead. At the end of the day, the land held sentimental value to me, and I did what I felt was best at the time. I'm sure to some extent, they feel awkward as well. This is just a situation, that I never pictured myself in. Thoughts?