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Columbia City, Indiana | I often say our farm skipped a generation, since Grandpa and Grandma had it for 60 seasons. His son ( my uncle) wanted nothing to do with it. He was my maternal Grandpa, as you can see from the sign our last names are different.
On the subject of legacy and estate planning, my intention is to pass control of the operation onto my son preferably or one of the girls and her husband when they’re ready, but my wife and I will own the land until we both pass, at which time it will pass to our heirs at its value the day we die. My reason for this is that hopefully they will be able to expand and acquire additional land by not being burdened with paying for this land as I am now. But time will tell and it’s all God’s in the end anyway, so who knows what will happen. If my understanding of inheritance law is wrong, please correct me. Also, being that my wife is 5 years younger, the likelihood is that she will outlive me and owning the land will provide income for her in those years.
My wife told me yesterday that I’m calmer this spring than in past delayed planting seasons. I told her that’s because I’ve been making it a point to spend time with her each morning in God’s word and in prayer. I’ve been a Christian pretty much my whole life but I’m ashamed to admit I haven’t been in the word anywhere near as much as I need to be. Slowly making that needed change. | |
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NEIndiana, I'm flattered but the credit goes to someone else....
