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Northern Illinois | If you and your dad have a good relationship there is a suggestion that I would make. This worked out well in my case and game me piece of mind.
I would suggest that you get some land in your name. I assume that your parents own about 320 acres that you believe you will inherit someday but would be renting until then. I would suggest that your parents gift you half of the land now so 160 acres. That is what my parents did and it gave me piece of mind. The parents will not be out any rental money as you will still pay them rent on the land. Whatever you were going to pay for rent (lets just say $200) you just double it. So instead of paying $200 rent on 320 acres you would be paying $400 on 160 acres. Everyone is the same. The total rent paid is the same for you and the income is the same for your parents. | |
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