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East Central SD | Just a couple of things I consider truths in estate planning
The farm should be separated from the land. A child or children can farm without having 100% ownership in the family land.
The farming generation should never have to repurchase the land each generation.
Anything other than equal is not fair. There can be plenty of exceptions to this rule but I sure don't want to have to rationalize it for my family.
Any asset inherited should never be thought of as belonging to the person inheriting. The assets belong to the previous generation(s) and are security for future generations. The inheriting generation should never liquidate assets. | |
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To the young guys- inheritance
