Posted 2/20/2021 00:45 (#8845875 - in reply to #8845435) Subject: RE: What business structure to put farm in
4th generation farmer. Worked off farm for 15 years. Have bought land...some payed for...paying for some, Rent a fair amount of family land, some close relation some distant. Father set up a trust recently as he’s slowing down. 3 non farming siblings and me. The trust he set up is fair to all. I have swung my own hammer from the start.......have never gained from father’s success. Our personal estate (wife and I) will be set up very similar to what my father has done. Son, 16 going on 25 loves the cow herd, feedlot and farming hmmmm.......he’ll do it because he knows how the bread is buttered. Daughter is 11.......we have to hound her to feed her bunny rabbit! Doesn’t show 2 cents of interest in the farm.......but her husband might, or she might someday......Not my choice. Wife and I plan on setting up a trust in the next 5 years just as my father has.........one that’s fair and just for all. I’m not going to sit back and wait for it and I’ll be damned if I’ll let my kids! Put the hammer down on your own,, when the day comes, what the generations have put together before is the gravy......Just don’t count on it! My boys going to be hungry with calloused hands, just like his old man!