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southern MN | Yes, certainly. My comments include all involved.
We hear one small part of one side, we don't know where things stand.
Sister passed in 2008, not even close to settling that deal, I'd have stories but you'd only hear one side. Funny thing is I'm the only one left in the immeadiate family, still there are issues......
I don't understand corporations very well, but you seem to belive the sister is more of a partner in this deal, and owns some physical acres and crop along the way.
Without knowing anything, I would think the son and father own percentages of the corporation, and with dad passing, the son and daughter would be owning 50-50 of the dad's portion of the corporation, and the son would continue to own his portion of the corporation free and clear.
This would infer the daughter will not own 50% of the land, but will own less than 50% of a corporation that has some assets.
Obviously, things must be set up differently if there is talk of the daughter owning any land outright, and talk of dividing a growing crop that the corporation should be owning in full?
The growing crop would be an asset of the corporation, and would be valued on the date of death, not the day it was planted nor the day it was harvested. It had potential but was not a harvesteable crop on the date of death. Valuing potential is a difficult thing when it comes to taxes and dividing fairly. The insurance angle does make it interesting as to how to value.
But I disagree the daughter should get 50% of the corporation, the land, or the growing crop if dad & son were in a corporation together, and daughter was not part of that corporation.
There are 100 details to change that, and I don't expect to be filled in on those.
These situations are filled with so many details that totally change what could or should be. It appears the corporation was set up differently than I would imagine, and Jake is always much in tune with these issues, I'd value anything he has to say over the rest of us to anyone reading these opinions...........
--->Paul
Edited by paul the original 11/21/2012 10:36
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estate settlement question
