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Re: inherating grandparents farm


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Posted by JRSutton on December 17, 2012 at 09:27:28 from (75.130.109.233):

In Reply to: inherating grandparents farm posted by mike plotner on December 16, 2012 at 16:54:50:

All you can do is ask. (Hopefully in a respectful way, leaving death out of it!)

Ask them what their long term plans are for the farm.

Let them know that you're interested in it. If they're ever ready to downsize, you'd like to talk about buying them out.

I don't care how much work you do there, or what you do to help them out. You have to separate that.

What you've done is a good deed. NOT labor for delayed repayment. If it IS done with hopes of payment later - you need to discuss that right up front - not AFTER the fact!

Remember that to a grandparent - all are equal. They don't want to get into picking favorites and who's going to get what. And it's not fair to expect them to, even if there's a reason they should.

It's very likely their preferred method of passing on the farm is to sell it and distribute the procedes evenly - nice and simple.

The best you should hope for is to have first right of refusal on buying them out. And maybe even a reduced price since you're family - but in fairness to the rest of you family, it should be offered to all of them as well.

the absolute worst thing you can do is make them worry about it!!!! Don't ever let them think there's going to be hard feelings over the land THEY own.

It's one thing to hope for an inheritance, but entirely different to EXPECT one. If I ever had a grandkid (not that I have any) come asking me if I was going to leave my land to him, I think I'd donate it it to the nearest charity instead.

While they age, be sure to save enough money to be able to act on it. If they've got a lot of time ahead of them, that's great.

You can be ready for that day when a decision has to be made - be able to say "here, I've got the cash, I'll pay a fair price", or if it's after they pass away - have enough cash, minus what would have been your share, to buy everybody else out.

Again - unless you're there every day as a caretaker - FORGET about any kind of compensation unless you agreed to it up front. It's not fair to anybody.


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