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dubuque, ia | It all has to come down to what the "ownership" generation wants. Do they want to see the farm continue? Then things likely need to be split more in favor of the farming heir. Maybe a stipulation that land cannot be sold for 10,15,20 years? Maybe there needs to be a clause that allows a 1031 if to sell a chunk farther away to buy the farm next to home. If they want to see everything split equal, then that's what they should do, just don't lead the farming heir on for half their life saying someday this will all be yours. Nobody is forced to farm, however usually the kid that stays home to farm misses some things in life to make the farm work, and also typically spends more time helping mom and dad out as they age. If you have a 1,000 acre estate in Iowa thats worth 15k/acre and split it four ways, how is the farming heir supposed to come up with over 11 million to buy it out? Also remember that inheriting X million dollars of land does not equal receiving cash, especially if its not for sale. It's borrowing power (which does mean a lot if you are farming), and cash flow from farming, but not the same as getting cash. | |
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Estate plans -add on too Mkt. talk discussion
