Posted by oldtanker on December 17, 2018 at 06:34:29 from (66.228.255.59):
In Reply to: Sad to see it go posted by nrowles on December 16, 2018 at 06:26:45:
What some of you are missing is that some of these older people won't turn the land over. Of they want the kids to pay cash up front. Seen several local farms go that way. Even when the banker is telling dad "JR can't mortgage the farm to pay you and keep farming, debt load is too much". But dad wants the money anyway. Then he's mad at JR for not buying him out. One guy here about blew a gasket over it. But he wanted full market for the farm, wanted JR to buy all the equipment at dealer prices and for him to pay top dollar for the livestock. I still don't think he's talking to his son and it's been 20 years.
My own BIL is going through this now. My sister really had to twist his arm to get him to go to an estate planner. He got told that if he wants the one son to farm and this not to turn into a family mess he needs to start signing the farm over now. BIL wanted it set up so each of the kids got a fair share. Kids that haven't had anything to do with the farm in years. Planner told him you do that and the ones share won't be enough for him to farm.
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