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Will
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Mtnfarmer
Posted 8/18/2017 15:03 (#6195441 - in reply to #6195381)
Subject: RE: Will


North Carolina
If grand children want farm Grand children will look back on this and think what an idiot grandparents were smart enough to operate a successfully large farm and then not care enough to pas on an opportunity for them Aliving trust that becomes a irrerevocable trust with any paternal grandchild specified as have a share or opp to farm with a life estate only for the parents that are not intrested in farming Some restrictions can also be implied for grandchildren also such as benefiting from trust by completing an education or cannot be a proven drug addict or felon An trusted administrator and back up administrator will have to be designated. Be sure to arrange for parents that are not intrested in farming a plan for paying taxes on land from land lease or hunting grain subsidy check etc until it is time for grandchildren to take over at each ones time of coming of age. This is little complicated but a GOOD estate planer can detail this out for you gues you will have to ask yourself how much you are willing to spend to set this up to keep an opportunity avaible for you blood kin to keep this a family farm It would be greatly important to me It is very sad for me to see children sit around and wait on mom a d dad to die and as soon as land is passed on sell it and the opportunity for others down the line is ended Land possession in the future will be an irreplaceable privilege. Most people who have no intrest in farming do not realize what a burden this will be on future family members that want that privilege Think it thru very carefully Maybe find and talk to someone who has already done this. I think you will be very enlightened by your situation You will definitely learn something's you don't know As I am a grand child of grand parent that had an only son he did not preserve this opp for ither my dad or me It is not a good feeling
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