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Tractor Talk Discussion Forum

Uncle had stroke,need opinons

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John M

10-09-2004 19:30:02




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My uncle,well great uncle had a stroke on Monday.he has no insurance what so ever,and his hospital bill are getting higher everyday,he is not expected to live.his youngest son,who is now has power of attorney and will be the executure of his estae has come to me to ask me to buy some of his farm equipment,mainly his JD 4020,3020,assortment of plows and harrows,and a few odds and ends,along with some very old horsedrawn equipment.he said I could get all of it for 25000.Two problems,one I dont have that kind of cash just laying around,and second its worth far more than that to me.I have seen some of the older stuff sell at auction for that much.I would like to have a couple of things and the two tractors but dont know how to tell him I just want those,and nothing else.I had thought of helping him with an auction out the re but the downside is theres a chance id loose the chance toget what I wanted out of the deal.How do you propose I do this.I know I may sound a little greedy,and I do hate that this happned and I feel bad about doing anything.Just wanted soem opinions.

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Rauville

10-10-2004 10:11:19




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 Re: Uncle had stroke,need opinons in reply to John M, 10-09-2004 19:30:02  
The main thing is to be honest and fair. Get a couple of appraisals, maybe from a machinery dealer and a local auctioneer as to current values, and arrive at a price that would help your Uncle / or his estate the most.
If there are any other members of the family involved, an auction maybe would be the best way to go. Then nobody has any reason to think that less than fair market value was received for any item.

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Coloken

10-10-2004 07:56:04




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 Re: Uncle had stroke,need opinons in reply to John M, 10-09-2004 19:30:02  
My thoughts are from you uncle's side. I am in very bad health, wear an ICD to keep me alive. I have no kids. I would damn sure rather have a family member I like have my stuff at any price than see it go at public auction.



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stan

10-09-2004 22:01:32




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 Re: Uncle had stroke,need opinons in reply to John M, 10-09-2004 19:30:02  
Sorry to hear about your great uncle. I am going through the same thing with my Mom's estate. Just tell the son you can't afford to buy everything, but would like to keep a couple things in the family.



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Davis In SC

10-09-2004 19:46:56




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 Re: Uncle had stroke,need opinons in reply to John M, 10-09-2004 19:30:02  
I had power of attorney when my Dad was terminally ill... My lawyer warned me that I was responsible & could be sued by other family members as well as creditors if I did anything that was not completely aboveboard. I think I would consult an attorney to protect you as well as the Son that has power of attorney. Regards, Davis



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Bob

10-09-2004 19:43:06




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 Re: Uncle had stroke,need opinons in reply to John M, 10-09-2004 19:30:02  
If you decide to buy some or all of this equipment, you need legal advice to be sure the seller has the legal right to sell the property to you, at the agreed on price, and that there are no prior liens against it.

The medical people will be wanting their money, and if there is any impropriety in the sale to you, there will be problems down the road.



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