northeastern Ohio | Montgomeryj1 - 5/1/2014 07:34
So you're saying it's right that the 2 people who had done next to nothing for 35 years while 1 person kept it going, are equal partners?
That is not what I am saying. If I read your post correctly, your uncles still own the land with your dad. No, it is not fair, but your grandfather cannot change it now and you need to make the best of it. Now is the time to set it up so that you and your father can stay in business and make a succession plan. Since you say that your uncles do not contribute to the farming operation, they are simply non-participating owners of the land. The machinery should be in your fathers name (I think that is the case already) and the farming operation should be a separate business from the land. If played correctly, your father will always own at least 1/3 of the land and possibly more if he is on good terms with his brothers. Since they are owners, they should receive a fair rent, but they are welcome to accept less than the going rate if they are feeling generous toward your father. Or he can pay them an above average rent with the agreement that their shares will eventually become his. Or he may be able to buy their share for less than market value. There are many ways to work this arrangement to your fathers benefit. Planning it out is the key. |
family farms where only a couple members farm?
