Posted by Ron/PA on December 16, 2018 at 08:42:55 from (71.120.112.49):
In Reply to: Sad to see it go posted by nrowles on December 16, 2018 at 06:26:45:
I hear what you're saying, and can appreciate your loss at seeing the farm having to be sold.
However, having lived this kind of nightmare all my life I and my oldest brother took the initiative for the estate planning. We knew that at worst, the farm could be sold off on a whim, and at best it would be used to take care of my folks in their latest years so we found a way in bits and pieces to buy the farm from Dad over the years.
In parcels as small as 15 acres, we slowly ended up buying the land for a price at or just below fair market value. This started as soon as I got out of high school and went on most of my working years.
My point is, kids shouldn't sit back and expect the parents to plan their estate so they can hand it over to the kids, but plan to fund your parents estate by trading them cash for their golden years in exchange for the land you so desire.
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