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Hennepin, IL | So the only option to farm is to own 100% of what you farm? If that were so, then yeah you'd be right to be pessimistic. Plenty of people start farming every year and I doubt hardly any kick their career off by buying a quarter section. I sure didnt. Kinda wish I had though. Kinda.
Also you talk about 1000 acres being split up 5 ways twice. Yeah if every heir and every child of every heir wants to farm, then yeah itll get divided. Or if everyone mentioned puts in zero forethought and just wants their cut.
Ill just use an example Ive had in my head for awhile. A whole lot better way would be to have that land in an entity that would pay dividends to the heirs and also allow say X amount of shares to be traded in a given year. Someone or multiple peopel manage said entity and rents it to whatever family member(s) are actively farming. Everyone gets to share in the family farm while giving the actively farming family member a stable land base to help build an operation that can be squabbled over by the next generation. | |
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To the young guys- inheritance
