Land

[bigbonner]

Each family member gets $70,000? How much will they pay in taxes?

We each won't get that amount ( I wish I did). The bank has to be paid and we owe Medicare some, land taxes are coming due and the lawyer will get his share.
Taxes we each will have to pay is something I don't know yet. I will have to see my tax man and see what he says.

 

[Drahts]

Sucks to hear that BB, I'm sorry.

 

[timer]

I know how much these farms mean to the folks who grew up on them....so many cherished memories....

My condolences to you and your wife.

As an aside, I'd be looking for a new bank....

 

[carnivore]

Those of you that own land, this is a great example of what not to do to your family after you pass

 

[bigbonner]

Those of you that own land, this is a great example of what not to do to your family after you pass

The worst thing about land like this is when there is more than one owner , it only takes one to force the sale.
If one person says they want their money out of any piece of land it will have to be sold.

 

[bigbonner]

I know how much these farms mean to the folks who grew up on them....so many cherished memories....

My condolences to you and your wife.

As an aside, I'd be looking for a new bank....

I pass the small farm I grew up on every day and about every time I look at it and think I wish it was mine.
Yes, lots and lots and lots of memories.

I am not planning on needing a new bank as soon as I pay off what I owe in the next few years, I am done with having to borrow again.

 

[1wildcatfan]

The worst thing about land like this is when there is more than one owner , it only takes one to force the sale.
If one person says they want their money out of any piece of land it will have to be sold.

I have concerns for the same reason. My kids are the only grandkids and could eventually end up with some land. I'm afraid when my parents pass, my sister has no interest in our parents land and my brother would rather have money than dirt. Don't know if it'd hold up in court but I think my dad has it in his Will that it can't be sold and only left to "blood" (he had clause added back in the 80s when I had two stepdaughters).
I hate this for you guys.

 

[bigbonner]

I have concerns for the same reason. My kids are the only grandkids and could eventually end up with some land. I'm afraid when my parents pass, my sister has no interest in our parents land and my brother would rather have money than dirt. Don't know if it'd hold up in court but I think my dad has it in his Will that it can't be sold and only left to "blood" (he had clause added back in the 80s when I had two stepdaughters).
I hate this for you guys.

The way I understand it is that a person cannot be forced to own land or any real estate. Like I said if one person wants it sold, it will be sold.
Tell your dad to make his will so that he knows the land will be safe. You cannot force your sister or brother to keep the farm so long as they have an interest in the land.
I don't have to worry about my land because I only have one son and a grandson.
The only thing that I am worried about is if when me and my wife pass on and if something were to happen to my son and that would leave it to my grandson. If that happened My grandson would get the land but if he was underage that would leave his mother and her parents in control and all his inheritance would soon be gone.

 

[mwezell]

Each family member gets $70,000? How much will they pay in taxes?

Typically zero on an estate that size.

 

[1wildcatfan]

The way I understand it is that a person cannot be forced to own land or any real estate. Like I said if one person wants it sold, it will be sold.
Tell your dad to make his will so that he knows the land will be safe. You cannot force your sister or brother to keep the farm so long as they have an interest in the land.
I don't have to worry about my land because I only have one son and a grandson.
The only thing that I am worried about is if when me and my wife pass on and if something were to happen to my son and that would leave it to my grandson. If that happened My grandson would get the land but if he was underage that would leave his mother and her parents in control and all his inheritance would soon be gone.

My Dad is pretty savvy when it comes to this stuff. I'm sure he's been advised by his accountant and lawyer. Have your son name someone, a trusting person with no skin in the game, as executor of his estate to cover a worse case scenario. Needs to be in a will or trust done by a lawyer. Can't put it off, never know when something tragic could occur.

 

[bigbonner]

My Dad is pretty savvy when it comes to this stuff. I'm sure he's been advised by his accountant and lawyer. Have your son name someone, a trusting person with no skin in the game, as executor of his estate to cover a worse case scenario. Needs to be in a will or trust done by a lawyer. Can't put it off, never know when something tragic could occur.

I don't have to worry about a will because my son will get everything, but I have told my son that when we pass he is to make a will like you said to name an executor to make sure my grandson gets it all and no one on the other side can touch nothing. Hopefully my grandson will be well old enough to take things over. He is turning 13 in a week but like you said you never know what may happen.

 

[Feedman]

I don't have to worry about a will because my son will get everything, but I have told my son that when we pass he is to make a will like you said to name an executor to make sure my grandson gets it all and no one on the other side can touch nothing. Hopefully my grandson will be well old enough to take things over. He is turning 13 in a week but like you said you never know what may happen.

You should make a will. If you or your wife have to have medical issues or long term care. They can come after the farm for payment unless the farm has not been in you or your wife's name for 5 years.

 

[bigbonner]

You should make a will. If you or your wife have to have medical issues or long term care. They can come after the farm for payment unless the farm has not been in you or your wife's name for 5 years.

I have been looking at doing a LLC .
If my wife had to go into a nursing home then Medicare will attach those bills to my farms. Same way Medicare attached to this farm that sold.
. If my son remarries and he owns the farm the new woman (I did say woman) can take half if they divorced. I may have to talk to him about a prenuptial agreement if he ever marries again. The farm not being in his name is what kept his last wife from taking half his shat.

 

[1wildcatfan]

I don't have to worry about a will because my son will get everything, but I have told my son that when we pass he is to make a will like you said to name an executor to make sure my grandson gets it all and no one on the other side can touch nothing. Hopefully my grandson will be well old enough to take things over. He is turning 13 in a week but like you said you never know what may happen.

Your son needs to do it now. Heaven forbid, what if you, your wife, your son all go at the same time??? He needs to plan for the worse, hope for the best.

 

[bigbonner]

Your son needs to do it now. Heaven forbid, what if you, your wife, your son all go at the same time??? He needs to plan for the worse, hope for the best.

This is making me rethink things and will talk to a lawyer and right now I REALLY HATE LAWYERS!!!

New twist that I just figured out and we could probably cause a few problems but my wife being good natured probably won't do anything.
There was a lien on the farm at the bank in 2009 and the mother deeds off a 1.1-acre piece to my wife's sister. A lawyer made the deed and a survey was done. The sister put a trailer on that lot.
But guess what? The bank never did give a release to the land for the sister's lot.
So in my opinion if the bank did not release that piece of land, then the deed is worthless?????
Would I be correct??