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Dusty MI 
Orange Level
Joined: 13 Sep 2009
Location: Charlotte, Mi
Points: 5059
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 Posted: 10 Apr 2012 at 1:30pm |
I was also fortunate. I had 2 sisters, no farm. We didn't always agree, we then talked about it until we could agree, or kept quite because it didn't matter that much. Every thing got done and the estate was taken care of.
Dusty
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917 H, '48 G, '65 D-10 series III "Allis Express"
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cadcorey
Silver Level
Joined: 21 Oct 2011
Location: pa
Points: 69
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Posted: 10 Apr 2012 at 2:29pm |
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I have to agree with Stan. We bought our family farm for more than the needed $1, with my wife,s granmother to have a life long agreement to live in the house until her death or she deciedes to move. If anything should happen to us and the property was sold, they could not kick her out. She will stay in that home until she passes. If your mother is ok with selling you the farm for a dollar with her staying in the house for life, do that. Just make sure you go through a lawyer to do it.
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Brian S(NY)
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Joined: 13 Sep 2009
Location: CherryValley,NY
Points: 3380
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Posted: 10 Apr 2012 at 5:49pm |
Just make sure you go through a lawyer to do it Yes, make sure all your paperwork is in order AND dont trust... get it in writing!
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God made man.Sam colt made man equal.
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Mike ( WI )
Bronze Level
Joined: 12 Sep 2009
Location: Watertown,WI
Points: 39
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Posted: 19 Aug 2012 at 9:24pm |
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Awhile back I posted that I was afraid to llose the farm but know thigs changed some what My mom is now moved into a assited living facility the work land is sold leaving the 3 acres with the buildings, my sisters all agree that I can have the remaining 3 acres with the buildings/House. my question now is when the money from the land sale is gone and I got the remaining 3 acres with the buildings/House can the facility my mom is in come after me ? or can I exchange money for the parcel and they can not touch it
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CTuckerNWIL
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Joined: 11 Sep 2009
Location: NW Illinois
Points: 22825
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Posted: 19 Aug 2012 at 9:32pm |
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If you buy it at current market value, they can only come after her money. If you buy it for a dollar, they can come after the property for like the next 7 years. I am not a lawyer and I never played on on TV but that is what I believe to be the law.
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stolfarms
Bronze Level
Joined: 04 Jul 2012
Location: oregon
Points: 41
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Posted: 19 Aug 2012 at 10:52pm |
sorry for your miss fortune its to bad people think of money before there own family history and having respect for your fathers hard work of keeping the ground. i really hope this doesnt happen to me being the only boy in the family of girls an the only interested in the farm. i have gone to ag shows an an insurence guy told me that i can i could buy insurance that would pay family off in these situations but i wasnt sure what to think about it. poeple the family farm is becoming a rare thing in this country and its sad to see farms be turned into a corp rather than a life stile.
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Ted J
Orange Level
Joined: 05 Jul 2010
Location: La Crosse, WI
Points: 18943
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Posted: 20 Aug 2012 at 5:53am |
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Mike (WI), the law in WI is such that once she goes into a COUNTY home, they can take the land, UNLESS it has been sold to you before that for fair market value. They can come after you if you only pay $1 for it for up to 7 years. (They usually don't, but better safe than sorry.) Assisted living is usually owned by private corporations, not the county. I hope you got to a lawyer to see what your options were. Because you cared for her, you COULD get the 3 acres plus for taking care of her when she was with you. My cousin did that with the family farm. He got the farm and all and the other 11 siblings got squat. GET A LAWYER NOW! Before she has to go into a home.
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"Allis-Express"
19?? WC / 1941 C / 1952 CA / 1956 WD45 / 1957 WD45 / 1958 D-17
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Ted J
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Joined: 05 Jul 2010
Location: La Crosse, WI
Points: 18943
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Posted: 20 Aug 2012 at 6:00am |
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Like John (C-IL) said, ESTATE PLANNING! Here in WI, you can put the place into a family trust. It can be revocable or not. I chose revocable. As stated, things change. With the family trust, if one sibling doesn't want the place, the others can buy them out. If worded right, they only get $1. So, they don't want to sell. Keeps em all happy that way. Atty hasn't figured out yet how to pass it on to the grand children till after I pass, but then I won't worry about it.
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"Allis-Express"
19?? WC / 1941 C / 1952 CA / 1956 WD45 / 1957 WD45 / 1958 D-17
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Jim Lindemood
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Joined: 22 Sep 2009
Location: Dry Ridge, KY
Points: 2569
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Posted: 20 Aug 2012 at 6:59am |
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Not sure exactly what the situation is regarding you and the 3 acres with the buildings -- nor where the money from the land sale went. I srongly advise that you get a lawyer and get it all documented and recorded. I'm not a lawyer and laws vary by state - hated to get a lawyer involved in our situation -- but in retrospect, really glad we did. - as mentioned in other posts, Estate Planning is very important -- see folks arout here that think things are settled, with best of intentions, then find too late that legally it didn't work out as they thought. Does it cost for a lawyer - yes - but better safe than sorry.
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JC-WI
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Joined: 11 Sep 2009
Location: wisconsin
Points: 34337
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Posted: 20 Aug 2012 at 8:42am |
If you don't mind the burden and the family doesn't either, take care of te elders in your home. Then there is no hassels with nursing homes taking anything away... When you look back after they are gone, you will be glad for the time you had with them...
It might be a little rough if they have serious health or mental issues, but stop and think what would they have done if it was you who needed the taking care of.
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mdm1
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Joined: 12 Sep 2009
Location: Onalaska, WI
Points: 2678
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Posted: 20 Aug 2012 at 8:44am |
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I am not a big lawyer fan but sometimes the cost of a lawyer is CHEAP! Many families are broken up from money and deer hunting(at least in WI) If you want to keep things in the family things need to be done legally by the right lawyer. Also I believe that if someone's property needs to be sold etc for their care that's what should be done. I have seen parents get poor care because a child wanted a few dollars. That's why you have to plan before the fact. Don't be the "what if" person. Mike
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Everything is impossible until someone does it! WD45-trip loader 1947 c w/woods belly mower, 1939 B, #3 sickle mower 1944 B, 2 1948 G's. Misc other equipment that my wife calls JUNK!
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Mike ( WI )
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Joined: 12 Sep 2009
Location: Watertown,WI
Points: 39
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Posted: 20 Aug 2012 at 7:05pm |
Ted, She is not in a county home, its a private assiting living. we have a buyer for the land and we have a lawyer doing the papers for that so he should be able to help in some way or give advise. my sisters and I got togather and said I could have the house/buildings/3 acres. so I'll have to see what the lawyer says we can do. my mom is 87 and is getting a good price for the land, which she will be set for the next 10 years if God willing. so I think there is hope yet that I can get the homestead.
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bakwoodsfarm
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Joined: 02 Sep 2010
Location: Woodleaf,NC
Points: 511
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Posted: 20 Aug 2012 at 7:11pm |
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In my case we split the farm up as inheritance and we had 5 yrs if one or both would go into nursing home for them to come back and take the land or fair market value. luckily it has been about 12 yrs and grandad past away 10yrs ago.
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j.w.freck
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Joined: 16 Sep 2009
Location: karnack texas
Points: 1153
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Posted: 20 Aug 2012 at 9:58pm |
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several very good ideas and options were stated in the forum.i just gave my 3 farms to my kids.i still retain all legal and financial rights till i die.by all means get the advise of a compentent attourney.i have told them why sell it,when you can have an income for the rest of your life.i have them rented to a very good renter,pays like clockwork.they will have to walk to the mail box 2 times a year....
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