I agree. It could very easily become the ultimate bummer.
My sister and I each own an undivided half of our family farm. Right now, the tillable ground is leased out, and the farmhouse is rented, so we each have annual income from it. I live next to the farm, and my sister lives 75 miles away, so guess who gets all the responsibility for day to day operations.
NOW--looking into the future, in doing estate planning, our attorney has been after us to divide the farm, so my sister and I each own specific acres. Makes sense, except how do you divide a farm with a farmstead on one end, 30 acres of timber on the other, with a number of odd shaped fields in between?
Looking down the road to when my sister and I are both gone, if the farm weren't divided, that would leave our daughter and my sister's four kids owning the farm jointly. It would be a freaking nightmare.
Instead of dividing, I'm in favor of simply selling the farm, splitting the money with my sister, and moving on.
I apologize for injecting my personal situation into the discussion, but these farm deals can become complicated and partnerships can become nightmares that can go south in an instant.
You'd have an awful lot to determine, like who is responsible for what, etc. A friend of mine bought his out-of-state brother and sister out on the family farm that he operated, and he told me once it was the dumbest thing he ever did.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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