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SESD | As a younger guy, my thought is that once you let the land, machinery, and farmsite go, there is not much chance your son will ever be farming. It all depends on how you and your brother would like to get bought out. Do you have some flexibility? Is so, for gosh sakes, work with your son. If you guys need the cash now, then maybe it is an unattainable goal for your son. Also, if you let the rented land go, your son will have that much harder time affording to buy you out. That is if it's rented reasonable.
What about going on shares with him till the profit you receive has covered the debt he owes you? Let him do the work. You talk about gifting some. Just take that off his payments. You would pay for schooling, how bout give him equipment instead? If you are flexible and he has a bad year, work with him. If things don't work out financially, you can always sell out later.
Edit: I don't know your sons age, but you are worried about his kids college right now. That's not your concern and college doesn't have to cost 25K/year. If you feel he can't afford the farm and your not sure about working him in, why would you help out when his kids decide to go to a college that is unaffordable? There is plenty of ways to get an education.
Edited by JRthefarmer 5/8/2014 12:57
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Major Decision
