Re: O.T. Legal Opinion??

Posted by kyhayman on September 10, 2004 at 11:19:24 from (205.204.242.23):

In Reply to: O.T. Legal Opinion?? posted by 70 Mo on September 10, 2004 at 10:30:39:

As a layman, I agree with the trust recommendation (I'm sure not a lawyer either, took just enough law classes 10 years ago to be dangerous.) Nothing worse than forcing families into partnerships. Might even be best to have a trustee outside the family, not sure of the whole family dynamic. Either that or divide it into two farms, and will 1 to each. That's what my grandfather did, he ha 2 farms. Left his estate in 6 shares for the 6 kids, was to be appraised and a farm to each of the 2 boys, cash from other assets went to the girls in extra portions up until the farm values were equalled out then split the remainder 6 ways. Everyone was happy. The brother that was farming got the larger farm without the house, and the right to rent and farm the other farm for 5 years. Non farming brother got the rental income from the land, the house (to rent out), and the lease on the hunting rights. Kept the peace for 50 years.

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