Posted by JD Seller on February 26, 2018 at 16:18:22 from (208.126.196.24):
In Reply to: Ending my marriage posted by Brown Swiss on February 26, 2018 at 11:27:52:
Brown Swiss: I know it is hard to do but your better off selling now than waiting another 10-15 years for the same out come. There just are too many strikes against you. Dairy profitability the biggest. No small dairy is making money if all costs are figured. Since you and your Mother do not get along then split the sheet now rather than later. Take the nest egg you have by selling your half of the cows and start building your own assets.
Estate planning is one area that too many farmers do a very poor job of. Many times they want to be "fair" and do not figure the sweat equality of any children that helped on the farm. So they split everything "even" and the children that helped keep the farm going get screwed. Often when the children that helped on the farm are middle aged too.
Happened here just up the road. Fellow's Dad would never sell him the farm. Like a fool he kept building the farm up. New milk parlor ten years ago, new free stall barn five years ago. He paid for both of them. His Father died last fall. He got put off the farm Jan. 1st. when the other children did a private sale to some one else. He only had one vote out of eight. The rest wanted the most cash right NOW. The whole thing is in court but he is 53 years old. If he could borrow enough to buy the other kids out he could not make the payments.
So start working towards your own property/assets not depending on some one else's idea's/dreams. Your young enough to get things working in the long term. Also never forget how you where treated either. Many times the family seems to forget what they do down the road. They may very well come back to you with their hand out for things down the road.
I bought my Grand father's place for market value. While he was alive. He wanted to "give" me a part and will the rest to other family members. I would not do it. If I pay for improvements I am not giving a share to some one else. Some of my cousins raised cane when my Grand Father died and I already owned the farm. Heck I had it paid for by then. It was 15 years after I bought it. In the original deal I would have had to give them half the value at his death. No way no how was I going live with that hanging over me.
Your better off buying/building your own assets over time the majority of the time. Not many things in life are free.
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