Transitioning the farm started with us years ago.
If you’re into putting jigsaw puzzles together with missing pieces, pieces from the wrong puzzle and with someone who comes by and swipes a piece occasionally when not looking, then this will be a blast.
You would think that after working your entire life you should easily be able to decide what happens to the fruit of your labors.
You would think.
But that’s way too logical.
Between the lawyer saying “that law has changed. You can only use this amount – unless the next administration changes it. Can’t do that.” And the accountants saying “You will lose 30% in taxes. There’s no way they can borrow enough money to buy you out.” It’s one step forward and two steps back.
Then for the fun of it let’s throw in family dynamics. We have four sons and only one on the farm. Just about all our assets are connected to the farm. It’s not like we have a booming business on the side making us money. So, the dilemma – how do we “share” our material goods with all four while keeping enough for the one son to farm?
One way or another someone will be cheated – at least that’s how it feels to us.
And we need to consider the fact that our estate is due in part from the work of the son(s) who are/were farming with us.
This whole process is like a cat tangled in a skein of yarn. The harder it tries to get out the more tangled she becomes. The only way out it seems is to cut the yarn and be done.
And, personally, it would be easier to just “cut the yarn”, collect the money, divide it up and go on our merry ways.
But that is not going to happen here. There are other generations that want to carry on and it’s our desire to provide for that.
It’s hard. It’s emotional. It’s draining. It’s stressful. It has caused physical issues. It has caused strife. It has caused tears. It ALL sucks. Yet, the end goal to provide for the next generations is greater than all the problems in front of us.
. . . to be continued . . .
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