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Tractor Talk Discussion Board

O/T Fair market value.


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Posted by flying belgian on November 11, 2012 at 09:04:07 from (98.132.233.146):

My wife is executor of her mothers estate which needs to be settled after her mothers sudden death 2 months ago. Her mother had 2 large parcels of farmland in the area and each of her brothers have been renting it for the past years. In her trust it is stated to be sold each parcel of farmland to each brother using the 2032A Statute. My lawyer said there is two ways to achieve this number that they should pay - appraised or she goes to three adjoining renters of each of the parcels (a total of 6 farmers) and ask them to tell her what they paid for rent each year for the past five years, including this year. He insists this is the best way to do this. She has told him 3 times she wants it appraised to achieve this. Any opinions on this? Not only would it be embarrassing to call these unknown neighbors out of the blue but also I can't imagine anyone would give out that information in this competitive farm rental area of southern Minnesota. She told that to the lawyer and he said it's never been a problem before. This leads me to believe he has not done one recently or he is lying. Any comments or experience with this would be helpful. Thankyou.


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