Some back history. The Mother passed away several years ago in the nursing home. This made the Father's death the end of the farm. The State of Iowa had a $400,000 lien against the estate. The Mother had been on the state Medicaid.
The farm had a 130 acres. The land brought $7500 per acre. That was just shy of a million dollars. The equipment and household stuff brought another 100k. So each kid should have $125-135K each.
Everything had to sell because two of the kids would not agree to running the farm jointly. One of the oldest kids is farming. He wanted the others to pay off the state and keep the farm. The local bank had agreed to loan a joint LLC the money.
The problem was the rental income would not have gotten each kid much after the payment and taxes. I also told them that they would be heading for trouble if they tried to keep it going with five bosses.
The outlaws(non kid spouses) ended any chance of it going on. By the sale few of the kids where on speaking terms. Their father was never a very good planner. He had a life insurance policy that would have covered the state but he quit making the premium payments when his wife died. He said his estate would be enough for the kids.
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Today's Featured Article - Restoration Story: 1929 McCormick-Deering 10-20 - by Randal Simmon. On July 4th 1998 my dad and I was sitting on the front porch when he said that he was going to sell his two 10-20's to a junk man. He said that the junk man was going to give him $500 for both of them but he hadn't received the money for them yet. So I went into the house and wrote him a check for $500 and bought them myself and said now they are mine. He had bought them about five years before thinking that he was going to restore them himself. After five years sitting in the barn, he changed h
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