I have been thinking...

[skyhightree1]

I have been attending quite a few funerals in the last few years for some older friends that are farmers. I have noticed that these families were close as any family can be but when the parents both pass and everything was left to multiple kids at first everything is ok then within a year problems arise and one thinks they deserve a part of the farm or one wants to sell and other members do not and it starts alot of confussion among family member. I also witnessed first hand experience with my Grandmother. There was 6 of them 5 in which wanted to keep the family farm and 1 that left and went to city and never came back. The one sister that left after 2 years decided she wanted to sell the land but the others did not want to long story short in va it appears if it was not left to one child in particular the court makes everyone sell the property and split the funds. I have been thinking what I should do when my kids become adults. I am seriously thinking about splitting my property up and assigning a person to what i want them to have. I do not want my family fighting and bickering over who gets what. What do you all think about that idea?

 

[Craig Miller]

I think its a good idea. Then if they want to put you in a home it will be easier. :lol2:

 

[Limomike]

To me, the best option is to put it in a trust about who gets what when you die. Either in sections or what part of the land you want each child to have. Then if they one wants to sell, they can sell it to the other sibling(s) or not.

 

[melking]

I think its a good idea. Then if they want to put you in a home it will be easier. :lol2:

Don't you mean "when" they put you in a home Craig?

 

[HOSS]

I am in partners with my dad on some land. The way we have it set up (in writing) is on his passing we are to have the land appraised. I already own 50% of it and there are 5 of us kids so I have an automatic inheritance to 20% so I will own 70% of the land. I will then have to pay the 30% balance of the appraisal to my siblings. I will have two years to come up with the money. With the other parts of my inheritance i.e. cash, property, houses, cars etc. I should easily be able to paythe 30% up front. Then the land will be 100% mine.

 

[AllForage]

Salatin wrote a book called "family friendly farming" I think. Good read for this situation. Basically he wanted to farm and his brother did not. So Salatin got the farm and the brother got everything else that had value. I will only leave my farm to the one kid that actually wants it. The other or others will get whatever is left. Whether it is cash fair or not. This is the only way to insure farms live on and our kids can stand on our shoulders. God knows how bad it will be in the future to start up.


BTW, it is largely a western culture thing to believe in this equality thing of inheritance. This is especially not fair to the kids that skip college or stay around to help aging parents and the spoiled ones come back for their treasure. Or the more mature ones that are squared away have to split the years of sweat and blood with the basket case siblings.

something to consider..

 

[Limomike]

BTW, it is largely a western culture thing to believe in this equality thing of inheritance. This is especially not fair to the kids that skip college or stay around to help aging parents and the spoiled ones come back for their treasure. Or the more mature ones that are squared away have to split the years of sweat and blood with the basket case siblings.

something to consider..[/quote]

I tend to agree with you . And as my Dad always said.. " Fair is where you show your pigs and eat corn dogs! "

 

[TexasBred]

Salatin wrote a book called "family friendly farming" I think. Good read for this situation. Basically he wanted to farm and his brother did not. So Salatin got the farm and the brother got everything else that had value. I will only leave my farm to the one kid that actually wants it. The other or others will get whatever is left. Whether it is cash fair or not. This is the only way to insure farms live on and our kids can stand on our shoulders. God knows how bad it will be in the future to start up.


BTW, it is largely a western culture thing to believe in this equality thing of inheritance. This is especially not fair to the kids that skip college or stay around to help aging parents and the spoiled ones come back for their treasure. Or the more mature ones that are squared away have to split the years of sweat and blood with the basket case siblings.



something to consider..

Make sure this is exactly what your will says or it will be divided according to the laws of the state you live in.

 

[skyhightree1]

I think its a good idea. Then if they want to put you in a home it will be easier. :lol2:

Thats funny. I hope they don't do that.

 

[Dave]

One good solution that I have seen in the case where one kids stays on the farm and the other leave, is for the one who stays to take out life insurance on Dad. When Dad passes the insurance is used to pay off the other siblings.

 

[snake67]

I have been attending quite a few funerals in the last few years for some older friends that are farmers. I have noticed that these families were close as any family can be but when the parents both pass and everything was left to multiple kids at first everything is ok then within a year problems arise and one thinks they deserve a part of the farm or one wants to sell and other members do not and it starts alot of confussion among family member. I also witnessed first hand experience with my Grandmother. There was 6 of them 5 in which wanted to keep the family farm and 1 that left and went to city and never came back. The one sister that left after 2 years decided she wanted to sell the land but the others did not want to long story short in va it appears if it was not left to one child in particular the court makes everyone sell the property and split the funds. I have been thinking what I should do when my kids become adults. I am seriously thinking about splitting my property up and assigning a person to what i want them to have. I do not want my family fighting and bickering over who gets what. What do you all think about that idea?

All this schitte happens to the farms and families because the owners usually did not do any type of estate planning - because it is NOT cheap.

Do the plan - get a lawyer and an accountant and a life insurance agent (for equalization of money / land value after death) - and do not let any of those experts advise you on the other's specialty.

Because this was not done - the original owners may have been fine people - but they were extremely stupid when it comes to looking after their own affairs.

Spend the money and do it right and the problems are usually solved.

Do it wrong and the crapola will hit the fan almost every time - we have all seen it and we will continue to see it

Never fails - and we have also all seen successful transfers of ownership - those people did it the right way.

Do a search on this forum - many examples of talk on estate planning - often wondered if anyone ever actually DID it.

We did - all done and it is updated every few years for the cost of a coupe hundred bucks - cheap at twice the price.

I wish you all the best in what ever road you choose to take

Best to all

Bez

 

[ALACOWMAN]

I think its a good idea. Then if they want to put you in a home it will be easier. :lol2:

Thats funny. I hope they don't do that.

one tell tale sign to look out for... if they say, come on paw lets go for a ride..

 

[skyhightree1]

One good solution that I have seen in the case where one kids stays on the farm and the other leave, is for the one who stays to take out life insurance on Dad. When Dad passes the insurance is used to pay off the other siblings.

Dave I would say thats a good solution and I like it but playing devils advocate .. " What happens if the other sibling wants way more than the insurance policy is valued "

 

[DavisBeefmasters]

Salatin wrote a book called "family friendly farming" I think. Good read for this situation. Basically he wanted to farm and his brother did not. So Salatin got the farm and the brother got everything else that had value. I will only leave my farm to the one kid that actually wants it. The other or others will get whatever is left. Whether it is cash fair or not. This is the only way to insure farms live on and our kids can stand on our shoulders. God knows how bad it will be in the future to start up.


BTW, it is largely a western culture thing to believe in this equality thing of inheritance. This is especially not fair to the kids that skip college or stay around to help aging parents and the spoiled ones come back for their treasure. Or the more mature ones that are squared away have to split the years of sweat and blood with the basket case siblings.



something to consider..

Make sure this is exactly what your will says or it will be divided according to the laws of the state you live in.

there are clauses that you can have put into the will -- if anyone contests your wishes they get $1.00... we have been advised that $1.00 is the minimum amount of "consideration" that must be paid to prove we were of sane mind and contemplated what WE want...

 

[Dave]

One good solution that I have seen in the case where one kids stays on the farm and the other leave, is for the one who stays to take out life insurance on Dad. When Dad passes the insurance is used to pay off the other siblings.

Dave I would say thats a good solution and I like it but playing devils advocate .. " What happens if the other sibling wants way more than the insurance policy is valued "

The value is established at the time of the purchase of the insurance. Of course then it is written up in the will as to who gets the property and who gets the insurance money.

 

[backhoeboogie]

My own father's will was thrown in the fireplace by his girlfriend. We went through long court battles. It all worked out in the end.

Seen lots of farms around here sold. The kids couldn't wait for the old folks to kick the bucket so they could sell. Then they came in with the shale gas and all the kids are crying foul because they sold out. Sad. I am happy about the ones who heald on, bought out siblings and such. They made out nicely.

This week it is not "older" friends that are passing on. Some are younger than I. Lost a good one a couple of weeks back and lost another one Sunday a.m. Both were only in their 50's. The lady that owns the feed store I frequent passed on too. Gonna miss talking to her.

 

[skyhightree1]

One good solution that I have seen in the case where one kids stays on the farm and the other leave, is for the one who stays to take out life insurance on Dad. When Dad passes the insurance is used to pay off the other siblings.

Dave I would say thats a good solution and I like it but playing devils advocate .. " What happens if the other sibling wants way more than the insurance policy is valued "

The value is established at the time of the purchase of the insurance. Of course then it is written up in the will as to who gets the property and who gets the insurance money.

Thats a good point

 

[larryshoat]

I think its a good idea. Then if they want to put you in a home it will be easier. :lol2:

Thats funny. I hope they don't do that.

one tell tale sign to look out for... if they say, come on paw lets go for a ride..

Ha :lol2: I'll look out for that one.

Larry

 

[larryshoat]

One good solution that I have seen in the case where one kids stays on the farm and the other leave, is for the one who stays to take out life insurance on Dad. When Dad passes the insurance is used to pay off the other siblings.

Dave I would say thats a good solution and I like it but playing devils advocate .. " What happens if the other sibling wants way more than the insurance policy is valued "

The value is established at the time of the purchase of the insurance. Of course then it is written up in the will as to who gets the property and who gets the insurance money.

I would check on the cost of the premium before I got too excited. About next the insurance company will have the farm one month at a time.

Larry

 

[skyhightree1]

Definately gotta check the price. I mean its truly sad to me how kids grow up and want nothing to do with the farm life that made them what they are today but I guess different times and different people.