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Passing on the farm.
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Abomb
Posted 4/5/2021 08:49 (#8934773 - in reply to #8932872)
Subject: RE: Passing on the farm.


mikado - 4/4/2021 06:14

Hick is getting roasted a little on his comments.......but there is a lot of truth to what he said.

I know tax laws and times have changed but that is how farms were successfully transitioned from generation to generation in the past. The older generation wasn’t afraid to turn over an asset and LIVE off of it for retirement.



Yep.

No matter you or your children's age, let them have ownership wether it's splitting up what you have or them owning all or some of any expansion. Keeping them an employee of yours until they're middle aged is a great way to set them up to fail.
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