John T, you are exactly right. Mom & Dad decided 16 years ago to put the farm (and their house in town) in a life estate, naming their 3 daughters to equally receive once they were gone and the other assets to be divided between us three girls and the 10 grandchildren equally (with farmer sister having 5 of them). The unofficial plan was (since the 70's) that us three daughters would someday inherit that farm and continue to cash rent the farm land and own it for as long as we wanted. If one of us didn't want ownership, the other two sisters would have first option to buy that share. It is only two 80 acre parcels and Mom and Dad do not plan to sell the other 80 yet. Since my sister/husband have become fairly wealthy they need to keep reinvesting their money to avoid taxes and are buying land every time some becomes available. This was not available until brother-in-law cornered my dad and gave a sob story to help poor son out. However, now his story is that his son will buy it just so it can 'stay in the family' and how it will take him 20 years to make a profit off of it. He told Dad this morning that if he does not get to buy it that he will personally see to it that Sis and I never see a penny off that farm as he will never allow it to be sold and he would see to it that the cash rent (his wife is named administrator) will be so low Sis and I will never see a penny of the cash rest and he will inform his 5 children that they are also to never allow us to sell or get a penny. WOW!!!
We feel we are forced into honoring their wishes. And yes we all five (parents and sisters) have to agree and be at the closing.
I finally signed the agreement their attorney drew up two years ago allowing the right to sell to farmer dude, but was told it was only for the first 80. Luckily I got a copy and have since seen I was lied to and agreed to part with both 80's between now and 5 years past the death of the last parent. The other sister hasn't signed yet and doesn't want to as she would like to have a chance to buy the second 80 for the same type of offer when Mom and Dad want to sell. The paper I signed said that the sale had to be with cash but wants to do a CFD instead. I told Mom this morning if it was on a CFD the contract was null and void (although I think a CFD would be in their best interest).
Sis and I feel if our parents would improve the quality of 'their' lives, fine..... sell it and spend it. But that is not what they want. They do not believe they are being taken advantage of. Dad feels sorry for farmer dude because he was once a starving farmer too (up until the 60's) and wants to give any grandson a 'chance' if they want to be farmers. This farmer dude has had nearly everything handed to him already on a silver platter and already earns more money per year than my parents made in two years. I left a message for Brother-in-law saying I would sell the first 8- but only if the executor of the estate was switched to my other sister because HE was not going to call the shots.
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