hurleyjd
Well-known member
Caustic Burno":344b8pol said:Richardin52":344b8pol said:I read all the posts so far and want to make a few comments. First I'm a little surprised no one has said anything about what's best for the land. Oh I'm sorry I guess no one is supposed to care about the land they spent a lifetime on they should just care that their kids get some money to spend. right?
You know we raise our kids the best we can and send them on their way. Many do just fine, some don't, and it seems like as many times as you help them up, they just fall down again.
I have a farm that is fifth generation. It used to be 2000 acres but my father in law who inherited it all basically sold parts off throughout his life because he just didn't have the brains or was too lazy to do anything else to make a living. This may sound a little rough but it's true. He once sold 300 acres had a new kitchen put in and lost it all 10 years later when the house burned with no house insurance.
After my wife and I were able we bought anything he decided to sell. We paid full price just like anybody else. We got 135 acres with most of the best farmland. We have worked very hard through the years putting up buildings, bringing fields back and building the farm into something. It's at the point now where we make a decent living off the farm.
We have three son's. One has a small farm and does just fine. One has screwed up anything he has ever touched and just married an x drug addict who is one of the most foul mouthed people I have ever met. My third son has been on the farm for ten years working very hard with is wife and new baby. I just had open heart surgery three weeks ago and he has basically take over the operation of the farm because I'm not able to right now.
So do I do what's best for the farm? Or do what most people think is fair these days and give each kid an equal share so it can be sold off?
I'll tell you what we are doing. We are selling the development rights to Maine Farmland Trust but if they ever try to use them they automatically revert back to our heirs. This type of deed is called a fee simple determinable. It terminates upon the happening of an event. Second we are forming an irrevocable trust with my son and daughter in law as trustees where we retain all of the economic benefit on the farm for as long as my wife and I live. Third we are forming an LLC for the manufacturing facility on the farm where my son and daughter in law own 51% and my wife and I own 49%. The other two kids get stuff but nothing that will be detrimental to the farm operation. If my son ever wants to sell he can but it will remain a farm.
Just because you love the land doesn't mean the kids do.
You are dead and gone its theirs to do as they please.
You are trying to control their lives from the grave.
Its theirs when I am gone to do as they please the only thing I want to insure is each get
their fair share. If they want sell everything and blow it in a casino it is theirs.
Amen Amen
