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West central IL | Thanks tmrand! I was in no way trying to be a jerk. I think a lot of people assumed I was advocating for option 3 like it’s the only choice and took it personally. I wasn’t at all. Any of the three choices are viable.
There’s countless people on these boards with inheritance issues. There’s a new one every week. The reason for that is there’s no perfect solution.
The only “perfect” solution are the old guys saying instill great work ethic and business smarts into your children so they all can grow their own farm. The economics of that in today’s world are a pipe dream. Around here a 160 costs 3.2 million. A young couple better have some great off farm income to cover the $150,000+ INTEREST on that purchase. Forget the principle.
Lots of people want to continue to make farming their way of life. Lots of people are proud of how many generations their family farm is. Like it or not, there aren’t easy answers to any of this. In my mind, I was highlighting the sacrifices or potential sacrifices you’d need to make to attain your desired outcome. If you have 1000 acres in central IL and 5 kids that you divide the ground evenly between, and their kids have 5 kids that they divide the ground evenly between, it’s becoming unlikely that you’re going to have a grandkid out there farming. Doesn’t mean you made the WRONG choice. But it’s still a choice that was made. Understand the positives and negatives of it. | |
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To the young guys- inheritance