Posted by JD Seller on August 09, 2014 at 21:12:35 from (208.126.198.123):
In Reply to: Re: Bad news today!!! posted by DeltaRed on August 09, 2014 at 20:56:51:
He has the farm in a trust right now. He is not interested in selling it. He thinks his family will still keep it but I am sure the kids will sell it. They never really had any reason to bond with the farm as it is 150 miles away from them.
The current owner's Uncle farmed the farm when he was a kid. He can remember helping work on the farm. So it has "meaning" to him.
The farm is about 360 acres but only about 220 are tillable. Of the 140 left only maybe 100 of it is very good pasture. The rest is hollows and bluffs.
Even with all of that it would still bring in the mid 5K per acre range right now. What the sons don't see is how little they would actually get after all the taxes and a five way split.
They would get about $15K each ,after expenses, in annual income if they keep it. That would easily be more than a 5% return compared with what they would get after taxes.
The sisters MAY buy out the brothers. That is how the current owner got sole ownership.
This is a common problem around here anymore. There is a lot of land in older peoples hands. Their children rarely want to keep the land anymore. FAST bucks cloud their view.
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