If Single and Have Much

[greybeard]

and, if you're married and have much, make sure you had a pre-nup agreement... :hide:

 

[dieselbeef]

I made a trust..mostly for the firearm collection but it addresses every detail...

 

[jltrent]

Sometimes it is better to have nothing......

 

[Dave]

If you are single and have much you don't have to worry much about what the government gets after you pass. I would be worried more about the opposite sex wanting to move in a take over half of your assets while you are still alive.

 

[JMJ Farms]

I spent the majority of my life on the farm. Brother & I bought land together. I watched the cow herd and pastures, he did the farming end of it. My grandparents left their land in a Trust that named us 3 kids-their only grandkids- as beneficiaries. My parents followed suit and put their land in a Trust. Dad & brother formed a Partnership in the mid-80's. It enacted the transfer of the cow herd & machinery to my brother. Dad said I wasn't included because Partnerships were limited to only two people. yeah right. Dad's health forced him to quit around 2007 or so. That triggered a minor division of the farm to equalize the assets of the partnership for my sis and myself. Brother was allowed to value the cattle. (Wouldn't you jump on an opportunity to buy pairs at $500?) An appraiser valued the machinery. Brother was a shoe-in on the Trust property. No other family member was given an opportunity to farm or rent the land. End of 2015, he refused to pay rent on the Trust property. Lawyer felt it was best to divide the farm. We all agreed. It started and went fairly well until the lawyer dropped dead May of 2018. Now, brother is exploiting a verbal agreement and the new lawyer & accountant aren't doing their due-diligence by reviewing files. Also, the Trusts of my grandparents and parents are empty but weren't terminated so all beneficiaries will pay fiduciary fees forever. My lawyers job is to get acknowledgement of the verbal agreement (I thank God I saved emails concerning this between myself and the original lawyer) and to terminate the fiduciary hold on my share.

This ^^^^ is what I hope I'm never a part of. Either through inheritance or through what I may leave to be inherited. I don't envy you. No way to win even if you win.

 

[hurleyjd]

"Dont turn blessings in to burdens for future generations. " Brute-that is so perfect. I'm living the nightmare of this topic. 11 years of lawyers and accountants. Our farm division started in 2008. My parents died in 2011. The question that will forever remain unanswered in my situation is did they willfully intend for the son to be so favored over the daughters. It's taking another lawyer to put a stop to the insanity at $300 per hour. :cry2: One thing to be very aware of with a Trust is the on-going administration fees that can continue into perpetuity. Currently, there is another lawyer and accountant who are billing each of us 3 beneficiaries for fudeciarary expenses. A cow herd can not withstand these expenses.

I've already gave my half of this place to my son. My daughter isn't interested in helping out on the farm so she's not getting anything besides a debt free education and what her brother wants to give her. I figure he'll be able to afford to buy her 1/4 share of the property that her mom gives her. She asked me why does the male always get the farm, I told her because he's worked his tail off for it.

What happens if your son was to get killed next week. If he is married will his widow get half of the place.

 

[True Grit Farms]

"Dont turn blessings in to burdens for future generations. " Brute-that is so perfect. I'm living the nightmare of this topic. 11 years of lawyers and accountants. Our farm division started in 2008. My parents died in 2011. The question that will forever remain unanswered in my situation is did they willfully intend for the son to be so favored over the daughters. It's taking another lawyer to put a stop to the insanity at $300 per hour. :cry2: One thing to be very aware of with a Trust is the on-going administration fees that can continue into perpetuity. Currently, there is another lawyer and accountant who are billing each of us 3 beneficiaries for fudeciarary expenses. A cow herd can not withstand these expenses.

I've already gave my half of this place to my son. My daughter isn't interested in helping out on the farm so she's not getting anything besides a debt free education and what her brother wants to give her. I figure he'll be able to afford to buy her 1/4 share of the property that her mom gives her. She asked me why does the male always get the farm, I told her because he's worked his tail off for it.

What happens if your son was to get killed next week. If he is married will his widow get half of the place.

Nope, most everything is in a family irrevocable blood Trust. We decided to let the kids work it out among themselves so we've been very forthcoming with them about what our plans are. Wives and ex wives are pretty much out of the picture.