Originally posted by hawkiye
reply to post by TDawgRex
Everyone needs to learn about trusts especially these farmers. The right trusts can avoid all this since the estate is not left to anyone, living
trustees just carry on nothing changes hands there is no sale and no taxes etc. This is what the rich do and why their families are still rich and
still own the family assets. All their assets are in trusts and their heirs are also trustees etc.
I think this is what I am going to do. I own 180 acres of land, three houses and a small (100 active head) dairy business. 40 Acres is in NC and is
prime forest I inherited it from my Grandfather - it has no house or even a utilities easement closest blacktop is several miles away.
I own a house in Lillington and another one in Alexandria, VA near the Pentagon. All told the value of the land and houses is about 1 million or so
the business and the machines are worth another 500k or so. I own free and clear the 40 acres in NC, the house in Lillington and the 40 acres our
house is on in MO. I have 10 years left on the note for the house in VA and while I am not upside down the market is not favorable for a sale ATM I
also have a 15 year note on the other 100 acres.
I am able to keep the houses rented easily through the military housing office to Soldiers (Officers can afford them) who are good renters and take
care of things. The 100 acres pays for itself basically each year and the water and pasture is prime. I had the land in NC selectively logged about
10 years ago and made enough to pay the taxes on it for like 100 years or so - LoL. They took only walnut and other hardwoods. Made almost 40K. I
also take a hunting lease from an Army buddy for 400.00 a year which almost pays the annual taxes by itself.
I might sell the two houses eventually (I keep the one in hopes if my daughter joins the Army as she says she intends and is assigned to FT Bragg she
can live there) as they are not on any significant land but intend to keep all the acreage.
I own the rest of the land in Missouri and it is all continuous mostly pasture (40 tillable acres in hay).
Since I only have one child I don't have to worry about dividing the land or the assets.
However, I am torn between actually just selling it to her for a nominal fee in 10-20 years or so ( I am 46) so that she can do as she wishes with
She may want to work it as she seems so inclined at this time; however, people all change over time. Who knows she may want to open a restaurant in
the city, or a veterinary practice or hell, travel the world in style. After I am dead who really cares what she does with it. I also might have a
grandkid (or two maybe) I guess someday who loves the dairy business...if so it'll be there for them.
Then again - I'd like to leave a perpetual legacy. I know that's a little outdated but it’s there in the back of my mind. A trust might make
that possible. I don't have a big enough estate for anyone to really "live" off of as a trust baby.
I don't think I ever want to live in town again but who knows how I will feel at 60+, I might change my mind.
I hope I have a while to figure it out. In the meantime I have enough life insurance for my wife and her to be able to pay it all off in cash should
they so choose and have plenty left over.