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Farmland, IN | A friend of mine lost his father earlier in the year and is currently settling the estate with his sister (just the two of them) and he asked me a question and I wanted to see what you guys thought. This is a good sized operation, owning over 2000 acres pretty much debt free. He and his father had formed a corporation that owns most of the ground, and my friend receives a very modest salary for his labor. The sister wants to keep her half of the ground. He needs to come up with a value for the crop, for which he will pay his sister half (the equipment values are ok with everybody so far). My buddy put down the total direct costs he had in the crop for a value (seed, fertilizer, chemicals, etc.) His sister's lawyer is saying that figure is too low, and it should be the gross total value of the crop insurance guarantee. Obviously, these two figures are quite different. What do you guys think? Should you go with what you have in it, or what you are guaranteed to get off it ?
If there are questions, I'll do my best to answer them. | |
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estate settlement question
