Posted by wisbaker on August 10, 2014 at 10:10:13 from (173.30.33.15):
In Reply to: Bad news today!!! posted by JD Seller on August 09, 2014 at 20:33:28:
Sorry to hear about your friend, If possible I'd go talk to him and his wife before he passes, if nothing else to give you one last visit with him and it would probably mean a lot to him too. Get he and his wife to talk about what HE wants for the farm. It's in trust now, see if they want to ad anything to the trust, like maybe a long term lease? Add agricultural practices he wants continued in any lease agreement? Idea would be to set it up so the wife could tie the farm up for a few years after her passing preventing the kids from flipping it over to a BTO who would ruin what the current owner wanted done on the land. A longer lease might diminish the sale value, idea would be to reduce the big pile of cash the kids could get immediately, giving you time to let the kids get used to collecting rent and maybe learn that they can do that for a long time and over the course of their life collect more than what they would get from selling it and have something to leave to their kids to collect rent off of. Might also arm the wife to set down with the kids and explain how holding the farm and taking rent might be better than selling and squandering the cash, maybe even setting the kids down with a lawyer to explain the tax consequences of selling and what percentage of the sale price they will loose if they sell it. Maybe the wife/mother could explain to the kids how the rent shes collects is making her retired life much easier. With the fall in corn prices I suspect land prices will fall soon unless commodity prices recover. If nothing else get the kids to hold the farm until land prices recover, as in don't sell now because you want to wait until the price goes back up, or if the land prices held or are going up convince them they don't want to sell now as it'll be worth so much more in 2 or 5 years and look at the rent you've collected while waiting.
But then a lot of what I said is really family business and it might be wise to keep your nose out of it, I guess it all depends on the relationship you have with him and the family. Friend of mine had a farm he bought in the mid 60's, the city grew in around and up to it and it became quite valuable. He refused to sell it, wanted to leave it to his kids. One day he sat down with his oldest son and they talked, the son explained as the executor of his estate when the Dad died he would do everything possible to hold on to land that had been in the family for generations but this particular farm would be sold within 30 days of the dad's passing. The father conferred with his other children, none of them wanted this farm. To make a long story short the father sold this one farm then took the money and did somethings he wanted to do and bought substantially more land out in the country.
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