Posted by rockyridgefarm on December 21, 2012 at 04:31:23 from (69.131.203.82):
In Reply to: Another estate question posted by Kenneth R Ohnstad on December 20, 2012 at 21:08:50:
Quoting Removed, click Modern View to see
I deliberately kept the details vague for that very reason.
I'm just looking for general ideas on how to make it fair and clear for all involved. My desire is to give my kids the opportunity to farm. We all know very well that a young person has ZERO chance at starting farming without help from someone. A young person has to attach themselves to someone engaged in farming or someone with a LOT of money these days. I'm sure none of you can name someone who just jumped in with no assets, no land, no connections in the past 15 years. My break came from buying this farm at a reduced rate from my wife's dad after having been engaged in farming all my life, either growing up on one or working for other farmers. Were I a kid who grew up in town with few contacts engaged in agriculture, I would not be farming today. I want the farm to be available to either of my children when they reach the age of 18. Maybe they'll sell it at that point and run with the money, maybe they'll grow to love agriculture and farm together, maybe one will take it and buy the other out. I won't know, but the opportunity will be there.
But, I also don't want to make a friend into an indentured servant to my children. I hope that he'd take them and raise them as his own. I realize that friendships can fade away or collapse, but we've been friends since grade school and I am his child's godparent. We never named godparents. Blood may be thicker than water, but blood isn't really serving as a very good binder in my family. The will can always be modified if a falling-out ever happens.
Thanks for the good advice so far. I think I'll ask my wife how our accounts are arranged - if we're each other's POD. On a side note, we celebrated 10 years last month. She's a wonderful woman.
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