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Very southern Mn | I am 65 so have also been doing a lot of thinking sitting in the tractor seat this spring. I have two children , one absolutely no interest in the land, other one lives a 100 yards from me with husband very actively involved. In fact have turned over day to day management as I want to give next generation same amount of rope my father gave me. Not always easy. I also sometimes as I look at grandkids wonder if we are setting them up for failure as they will be given more than maybe they should have as they won’t have went thru struggles my dad in early 60’s or struggles dad and I went thru in the 80’s that tempered us, learned value of money and shaped us to be better money managers etc.
Also sometimes wonder about low estate taxes. While I am very conservative and would vote against increased estate taxes in a heartbeat, I wonder if some breakdown of previous generation wealth might be a good thing. Farmland values would correct dramatically if not for reset basis at death. Young guys would have a better opportunity, they would have to want it, not just get it. Just random thoughts to throw out there. | |
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Beating the dead horse. Farm wealth......money vs physical assets.
