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Rn Co KS | Some things for you to think about. No reply needed.---
You don't mention siblings. If you have any it is likely they will want their say in things at one time or another. 640 acres is likely at least a $2.5 million transaction. I guarantee any siblings will take notice. I would want my DAD to call a family meeting and explain the whole thing to them all and answer any questions / concerns. Sort of a "speak before we sign papers or forever hold your peace" kind of a meeting. Get the air clear. When money is involved its amazing how old issues that were thought to be overwith become up front and personal again.
Fair market value has a way of taking away one of the arguing points. Remember 640 acres x $100 = $64,000. That is a year's living expenses for some people. Off farm heirs (or their spouses) will likely see it that way. How are siblings treated if Mom and Dad are killed in a car accident the day after everything is finalized? Do they wait 20 years to get their share of the estate ?
I have seen solid families fall apart over such matters. I hope you can make it work. Be careful. | |
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Buying land from my parents questions.
