What happens to your farm if the children have no interest in that lifestyle?
Some farmers are caught between wanting to see their farm operation continue after they are gone and the fact that their children have no interest in working a farm, according to the Iowa Farmer Today in “Good fences make good neighbors.”
We all know that farming is a hard life with stiff competition, long hours and the constant threat of bad weather. It is also a different lifestyle than most Americans live and sometimes the children of farmers do not want to go into the industry.
Farmers need to decide how they should leave an inheritance for their non-farming children. It is a difficult decision whether to leave children the land and equipment or to sell everything off and leave the children the proceeds.
The key to making the decision might be asking the children what they prefer.
Of course, if everyone is uncertain, the children can always sell things off after they inherit, if that is what they want to do.
An estate planning attorney can guide you in creating an estate plan that meets your particular situation.
Reference: Iowa Farmer Today (April 14, 2017) “Good fences make good neighbors.”
