ksr5377 Posted March 25, 2022 Share Posted March 25, 2022 Especially if you are the in-law:). We are in the very beginning of the process of DH taking over the farm from FIL. I just need some positive stories. Everything has been so stressful. Thankfully DH is an only child so there are no other actors at play. I have been pushing hard the past year for FIL to do some estate planning, mainly for Medicaid lien protection. Up until last week he didn't even have a will. He's 65. All of the sudden he has decided this is his last year farming, he's retiring and we have to take over. Up until now he's been very resistant to share any responsibilities or financial information. I feel like we're years behind. Also, we have no idea he's expecting us to do financially. Honestly, I don't think he even knows what he wants. It all seems so overwhelming and everyone I know personally who has married into a farm seems to only have horror stories! Quote Link to comment Share on other sites More sharing options...
Jean in Newcastle Posted March 25, 2022 Share Posted March 25, 2022 "You have to take over"? Do you (and most importantly your dh) want to take over? The only people I know who are successful really wanted to do it and even then of course there are challenges. 2 Quote Link to comment Share on other sites More sharing options...
BusyMom5 Posted March 25, 2022 Share Posted March 25, 2022 (edited) Hello- been there, done that. Its complicated and very case-specific. You need to meet with an estate planner and be totally honest about what is possible financially. Unfortunately lots if farm's are not very monetarily profitable- their worth is tied up in property and equipment. If he doesn't have money outside of the farm, he may need you to purchase it from him to have a retirement. I hope this is not the case, but you both need to be realistic about it. A lot depends on the type of farm, too. If its a planting/harvesting operation, that profit structure is different from a dairy or a cow/calf operation. If its cow/calf, you could stagger the payments over a few years, slowly buying the livestock. The biggest issues I see are people not being honest about what is realistic and unrealistic expectations. Good luck! We are 3rd generation, our kids are 4th generation on this farm 🚜 Edited March 25, 2022 by BusyMom5 2 Quote Link to comment Share on other sites More sharing options...
Sharpie Posted March 25, 2022 Share Posted March 25, 2022 I strongly suggest you seek out professional advice on how to do this in the best interest of both parties. You need to go in with eyes wide open and I couldn't agree more with BusyMom5! Quote Link to comment Share on other sites More sharing options...
Ting Tang Posted March 26, 2022 Share Posted March 26, 2022 (edited) I’m an in law who married a farmer. He has three siblings who are not involved but refer to the farm as “theirs.” My husband farms with his dad. Be glad you don’t have siblings to deal with, though I know it’s still rough, but I agree you need professionals to help—both a lawyer and an accountant to sort things out, see where you stand. You’re right, these things can get ugly. There may even be others who think they are promised something from the estate. I am not looking forward to any of this as we near the sane scenario. I probably would not choose this again. Maybe others feel differently. Many times people have to rebuy the family farm, or sell some off. Edited March 26, 2022 by Ting Tang Quote Link to comment Share on other sites More sharing options...
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