Quote:
Originally Posted by ren008
Eh and I've seen it go the other way badly and destroy family relations. Father dies and sons are barking up moms tree 24/7 to sign it all over to them as it's "what dad wanted" and "we helped on the farm growing up and it was promised to us". Never mind mom was a lifelong homemaker/farm-wife and would essentially be destitute and surviving off OAS, but the boys didn't care, just wanted that land. Gets to the point where sides were taken and threats are being made...
IMO best thing for farmers to do before get too old and/or sick is just sell or divvy it up themselves and save the family the hassle and heartache. Land does stupid things to otherwise good people.
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You REALLY NEED to send your friends to a better lawyer, or not just believe the stories you are being told and then try relaying them as wisdom.
A Farm Wife CAN HAVE HER CAKE AND EAT IT TOO whether it is death or divorce, while the Farm Husband also ensures the land passes onto the Sons.
I used the approach of a LIFE ESTATE to the Wife in a Divorce for key quarters of farm land in the Andrew area. Life Estate to the Wife, reversionary interest to the Sons. When the EX WIFE passes away, the land reverts (called a reversionary interest) to the Sons. Wife makes money off the land while she is alive, sons get the land after she is gone.
What's unfair about that? Without the Land, the average young farmer faces input costs that mean poverty for the rest of their life as they try to build up equity by paying off huge farm loans.
There is no reason such an approach should not be used in transferring an inheritance especially in an intergenerational farm scenario.
Drewski