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| "It really sounds like the OP has good intentions but good intentions usually go bad after the owner passes and someone else is running the show. "
This, I have seen it more than once as a CPA. If you want to pass this on and further young farmers, find someone who wants to farm. Someone who has it on their mind day and night. Go to your local FFA, 4-H, fair. Find a kid or better yet, KIDS. Rent it to them to start. If they do a good job....put them in your will. As someone who only started with 14 acres, something like that would have meant the world to me. I always said that if I never had kids, the farm I am rebuilding would be given to someone who could keep the operation growing and maintain what it represents. This strategy is way more effective than some trust or not for profit. Just think, you may even be a roll model for whoever this individual is.
Remember, nothing says you have to give it away while you are alive. Make whoever this beneficiary is a business partner to start.
Just some thoughts. Whatever happens, I wish you well and send my condolences in regards to your loss. | |
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Creating Opportunities 4 Young Farmers
