The value of farm land is high right now so it makes selling attractive but land is inflation protected much better than just money saved. The federal government has record high debt. One of the only ways they can cover it is by printing money and having inflation. So before I would sell I would think long and hard about it.
I have seen families keep a piece of land together for years and have a income from it. Then they sell it and the money is gone in just a few years. Money walks a lot easier than a piece of land.
As for 1031 land exchanges. The rules are complex and if you mess up one little detail and you will lose the tax savings.
I feel that my land is the best investment I have. The stock market is too fickle. I would run from any bond right now too. Public or private. I owned GM bonds and the government cheated us out of our money. First time in history that unsecured creditors got paid before secured ones. Do you think that the retirement time bomb is going to just go away on the public employees??? There are cities in CA filing bankruptcy this last week. Illinois is close to it state wide. There is 100 trillion in unfunded retirement packages nation wide. It will blow up!!!
IF it was just me and one sister I would just set down with her and see what she wants. I would split the farm up. Equal in value and interests. Maybe she does not want the hassle of owning buildings/house or she does and wants the rental income from them. Set down and work out want is important to you both. I bet that you could work it out. The cost would just be the survey and new deeds. Then you can control it how ever you want. Neighbors just did this one wanted the house and barns he got them an forty acres of ground and the other brother got sixty acres of ground. They both are happy and get along much better now.
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