Kids and Inheritance

[skyhightree1]

inheriting land doesn't mean they have to be a farmer or rancher it means they have land. Land = Money and always a place to go incase something happens in life and they need to go back to the farm. They can also rent it out let someone farm it and still keep it. I want to set it up so it cant be sold for a certain amount of years as well as $ from my estate would go for paying the taxes in a trust for that period of time. If they do not care for the place then they don't but atleast they will still own it regardless.

Edit: When my grandmother and I inherited the row crop operation my grandmother and I are the SOLE owners not even her kids including my mother have anything to do with the operation. Before I could gain power of it My wife had to sign paperwork stating if we divorced or yada yada yada she had no vested interest in the land.

 

[bigbull338]

you guys are good at coming up with ideas.talking about oweing money.i knew a guy and i say knew because he maybe dead now because he would be 97 or 98 now.he worked for 70yrs to pay the farm off.made his last payment before he was 88yrs old.then when he turned 93 he payed cash for some more land.when asked why at 93 would he be buying land he said because they not making it anymore and you buy it when you can.he has prolly over 1000acs now.so im sure the daughter grandkids and hired hands are running the ranch now.

 

[Dave]

I need to set up something. My kids aren't actually biological kids so unless I set something up they wouldn't be entitled to anything. And even between the kids there is a huge difference in how I would want to split things. The oldest is a welfare bum who would spend anything I left her in a heart beat. But the two boys work hard and have families of their own yet they call, check in, and help me anytime I ask. That deciding how to split things has caused me to put it off and it is something I should put off.

 

[skyhightree1]

It would be a easy split for me give to the ones that are trying and deserve something. The one that goes hog wild over a penny of money leave them just that a penny.

 

[bigbull338]

sky when my great grandpa splitt his farm up he did it based on how much he helped his kids.let me see if can remeber some of them as we bought alot of it.my grandpa got 77acs his sister got 45acs brother 115acs brother 120acs brother 32acs.so the splitts can be done meny ways.

 

[skyhightree1]

sky when my great grandpa splitt his farm up he did it based on how much he helped his kids.let me see if can remeber some of them as we bought alot of it.my grandpa got 77acs his sister got 45acs brother 115acs brother 120acs brother 32acs.so the splitts can be done meny ways.

That makes sense and also to split based on how much your kids help you when you need help is a MAJOR factor.

 

[TexasBred]

your forgetting it can be put in the deed and that cant be broken.i know a guy that hammered 1 of his grandkids before he died.because he heard the kid say im getting off this place as soon as i can get rid of what you left me.needless to say that kid got a very little bit of money no land cattle nothing.and he was supposed to get a house when he got so old.but he lost that because of what he said.

You can't put stuff like that on a warranty deed conveying property. Who would enforce it??? The new owner ???

 

[TexasBred]

to quickly answer some of yalls qs.when you have 1500acs or more thats been in the family for 130yrs or more you do not want to throw it down the drain no matter what.i didnt like that my grat grandpa sold off over 1000acs before he died.but he did and now its gone forever.had a cousin sell his 180acs and its also gone forever.its a legacy that we dont intend to lose.

Sorry buddy...when you die you won't have a say so and if you inherited it you paid nothing for it either. You can write a will. It's up to the heirs to decide if they even want to probate it.

No they don't have to probate it correct.
They can't touch the money without one as my accounts
clearly state my assets are in trust and payed to my estate with a probated will.
Other than what is set aside for the grandkids each kid gets a third.
What they do with it is there business I am dead. I have one DIL that will spin the tires halfway here and
skid the other half.

Hope you've transferred title to everything to the trust.

 

[hurleyjd]

sky when my great grandpa splitt his farm up he did it based on how much he helped his kids.let me see if can remeber some of them as we bought alot of it.my grandpa got 77acs his sister got 45acs brother 115acs brother 120acs brother 32acs.so the splitts can be done meny ways.

Have you bought any land or you just living on something someone else in the past passed on to you.

 

[bigbull338]

didnt have to buy the land because my dad bought it as soon as it came up for sale.he put major money in land insted of fancy equipment and cattle.now me on the other hand have spent alot of money on corral cattle tractors and equipment.the only land we may try to buy is if any family land comes up for sale.

 

[Howdyjabo]

I used to think that the farm was just mine for now- and should be passed on in better shape to ONE of the kids(other got money).

Seems like neither is interested and both have told me they are putting me in a nursing home and selling everything- so I am using it up to make me happy now- and latter pay my bills to keep me happy. If there is something left to leave them then its all good. If not- I helped them get an education and thats the best thing for them anyhow.I Just hate I wasted their childhood putting everything extra into building up a farm.

 

[dun]

I used to think that the farm was just mine for now- and should be passed on in better shape to ONE of the kids(other got money).

Seems like neither is interested and both have told me they are putting me in a nursing home and selling everything- so I am using it up to make me happy now- and latter pay my bills to keep me happy. If there is something left to leave them then its all good. If not- I helped them get an education and thats the best thing for them anyhow.I Just hate I wasted their childhood putting everything extra into building up a farm.

You need to get one of those big motorhomes and a bumper sticker that read "I'm spending my kids inheritance"

 

[Bigfoot]

I own a farm, that has been in our family for many many generations. Upon the passing of my grandfather, every heir that wanted it could pay for an appraisal. The appraisals were added together and averaged. Anybody still willing to pay that price could turn in sealed bids to the estate. Seems fair enough to me. I doubt an "outsider" would be willing to pay per acre, what I did at the time. Land values have gone up considerably since then. I have an uncle with hurt feelings now, that he didn't have then. Obviously if he had ended up with it, it would have been sold.

 

[Caustic Burno]

Upon death all my monetary assets transfer to an irrevocable trust.
After probate they get a third of what is not set aside for the grandkids.
Land and all the other crap each gets a third how they fight over it I don't care.

 

[Bigfoot]

"Rich people leave a will, and poor people leave a bill"------Fred Sanford.

 

[Richardin52]

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.

 

[highgrit]

Richard I think your dead on except the part about selling the devolping rights to the Maine Farmland Trust. These land trust are run by people and some don't have your best interest in mind, they have dollars and theirs.

 

[hurleyjd]

I would like to ask this question which kid would come and help you in a time on need if you had nothing to pass on to them. This is what would show if they were really taught to take care of they elders with love and respect.

 

[bigbull338]

your q could also asked in reverse.if your kid had a herd of cattle at home but they lived 6hrs away would you watch their cattle.we watch 2 herds now as much as we can.and we really watch them during calving.

 

[Caustic Burno]

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.