That is a tough situation, a windfall and a burden at the same time. It's probably even more stressful for your brother than it is for you. Is sounds like you are asking for some options, so I'll add a few, they may not apply at all, that's OK.
It comes down to which is more important to you: the property; or your brother.
Odds are your only, single, never married brother has listed you or your surviving decedents as his heirs. So, unless it is sold, the entire property will likely go to your children eventually, regardless of what happens in the short term (including if you sell your half to your brother).
Do you have any short term plans for the property, or an immediate need for the money? What are your brother's plans for his half? He may plan to live there as long as possible, hopefully another 15, 20 or more years.
I would continue having the property divided into two lots, and have the boundaries marked. If your half is all unimproved, it could greatly reduce the property taxes on your half (possibly 80 percent less).
Even if you clean up your half, it could be difficult to sell your lot for much money if it is located next to an older unkempt house with a lot of "stuff" packed in the yard. In short, your two acre half may not be worth much until both halves are cleaned up.
Some options are: - Sell your half to your brother. - Buy out your brother's half. - Sell your half. - Rent you half to your brother. - Rent your half to someone else.
At 69 years old, I'd be very reluctant to buy out your brother's half, that would force him to move out of his long term home.
Can you work out a way to rent your half to your brother? Maybe have him pay your property taxes directly to the county for you and then pay you the remainder of the rent (a multiple of the property taxes?). That would give you some extra income from your half of the windfall, without you having to force your brother to clean things up and without disrupting your brother's life. You or your kids will still be the ones to clean things up eventually, but it would be done without breaking your brother's heart.
Good luck, please let us know how things work out.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
... [Read Article]
Latest Ad:
2022 John Deere 5045E, 4wd, front end loader and 3rd function with grapple. 120 hrs, 55k new, must sell
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
