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northeastern Ohio | There is no right or wrong answer here. The problem has always been in figuring out how much time we have left. At 60, you could live for 40 more years..... or be gone in 10. I know 2 people locally that have outlived their financial plans. That is tough on their pride.
On the other hand, it is very rewarding in it's own right to be able to watch your success help someone else succeed. But they need to work for it too for it to be fair to everyone and for the gift to be appreciated. I recently witnessed someone who received a 2 million dollar land gift free and clear.... cashed it in at the first chance.
My opinion on your situation: First, make sure that you have enough to live on for 40 more years. Sell the nephew part of it and invest that money to create the income stream for you. Rent the rest to him.
Second, after you are sure you are financially secure, then make out your will/trust. Give the nephew the rest of the farm in your will/trust. You will have other assets (money, vehicles, equipment, investments, ect) that can be divided between the other relatives of YOUR choosing at your death.
My opinion. Do what is in your heart that puts a smile on your face.
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opinions wanted
