Posted by JDseller on January 01, 2011 at 20:41:52 from (208.126.196.144):
In Reply to: Re: Century farm posted by agpilot on January 01, 2011 at 20:06:27:
The key to doing it is to make sure that no mortgages or liens can be placed against the land. The life estate holders only get the use/rent of the ground for their life time. They can not use the farm as collateral. I had to also put some money in the trust too. That will grow so that if one of the life estate holders can"t pay the taxes or insurance the fund pays it. The fund will pay for two consecutive years. If the current life estate holder can"t make the third then they lose title. The farm then is rented etc. and the income goes back into the trust to rebuild the cash reserves. There has to be insurance carried on all building to replacement value.
I know that it is complicated but I have seen too many farms get wasted away by lazy kids.
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