Posted by Cherise on August 26, 2009 at 21:26:52 from (216.168.82.151):
Situation: Parents purchased grandpa's farm in the 70's for tax value and put into a life estate 16 years ago equally for their 3 adult children. They never farmed it or lived on the old farm. Now one (20 yr-old) nephew has rich farmer parents that want him to buy that farm (which has been cash rented out since 70's). He already has one farm of several hundred acres, which he plans to build on. He has not really farmed any of it as he goes out of state for summer work. Regardless, they have all been kissing butt to have Dad basically sell the farm for a song and dance. The other two siblings on life estate feel our parents should have it properly appraised or not sold at all since they are nearing their 80's. It has caused family conflict for two years. Now they (parents) are not happy that the tax value has gone so high since 2007 (from around a thousand an acre to one parcel being $1800 per acre and another parcel being over 2500 per acre). Then they want to 'gift' back the money to the grandson. This grandson is one of 10 grandchildren with 4 of them being his brothers/sisters. The other grandchildren paid their own way through college or are still doing so. The farmer's children had their educations paid for (tax payers). If our parents were rich I wouldn't mind so much that they are being taken advantage of. But, they live conservatively and Dad takes any money they get and ultimately invests it with brokers that end up losing most of it anyway. The grandson/nephew upon learning that his dad was trying to get him the chance to buy the farm, first asked - "can I sell it?" Our issue is that my other sibling and I have fought against angry aunts and uncles since the 70's (since they feel Dad stole the farm) and insisted they keep that farm in 'our' family for may more years to come. Our family, not the 'one' sibling's family. Or, sell it for a valid price and take a luxury vacation or buy a town home. How do people deal with these issues without appearing greedy or unreasonable? They set the Life Estate, just as the other grandparens did. The nephew isn't even trying to buy their farm (a lot closer too) because they are not suckers to treat one family member better than all others. P.S. We are all very close to our parents and equally help with medical care, vacations, outings, etc.
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