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Dear Michael: We have talked year after year about getting our estate planning done. Our two boys have worked with us on the farm although one of them has a fulltime job, is married, with kids, and our other son is single (getting married) who wants to quit his job and farm fulltime if he can with the amount of land we have. We are old enough to think about retiring, but still want to be involved in the farm operation until our sons make up their mind what they want to do. They seem to think they can do a joint venture of some sorts, but we are unsure. It's a new year, we need new answers. - Happy Same Old, Same Old.
Dear Same Old: If you haven't joined the mass exodus to spend winter in warmer climes, then maybe your New Year's resolution should be to get this done before spring's work. I find many people put this off during the holidays, and then they try to get around to it for a few more weeks, and then the weather changes and the mind shifts over to spring planting and another winter passes without results. Maybe 2014 is "the year" for finally putting this behind you. How good would that feel? At least when the temperature's 20 below, you can get something done!
In regards to your sons farming together as a joint venture - with one considering fulltime farming and the other parttime farming - it's kind of putting two horses into the traces with one of them pulling when it feels like it while the other one is pulling for all it's worth to pull the load. Eventually, and inevitably, the two horses will get "snippy" with one another and try to pull in different directions. This usually ends up with the cart getting upended.
http://www.farmandranchguide.com/entertainment/country_living/your_money/this-is-perfect-weather-to-get-estate-planning-done/article_1c4db07a-7a34-11e3-937f-001a4bcf887a.html
Dear Michael: We have talked year after year about getting our estate planning done. Our two boys have worked with us on the farm although one of them has a fulltime job, is married, with kids, and our other son is single (getting married) who wants to quit his job and farm fulltime if he can with the amount of land we have. We are old enough to think about retiring, but still want to be involved in the farm operation until our sons make up their mind what they want to do. They seem to think they can do a joint venture of some sorts, but we are unsure. It's a new year, we need new answers. - Happy Same Old, Same Old.
Dear Same Old: If you haven't joined the mass exodus to spend winter in warmer climes, then maybe your New Year's resolution should be to get this done before spring's work. I find many people put this off during the holidays, and then they try to get around to it for a few more weeks, and then the weather changes and the mind shifts over to spring planting and another winter passes without results. Maybe 2014 is "the year" for finally putting this behind you. How good would that feel? At least when the temperature's 20 below, you can get something done!
In regards to your sons farming together as a joint venture - with one considering fulltime farming and the other parttime farming - it's kind of putting two horses into the traces with one of them pulling when it feels like it while the other one is pulling for all it's worth to pull the load. Eventually, and inevitably, the two horses will get "snippy" with one another and try to pull in different directions. This usually ends up with the cart getting upended.
http://www.farmandranchguide.com/entertainment/country_living/your_money/this-is-perfect-weather-to-get-estate-planning-done/article_1c4db07a-7a34-11e3-937f-001a4bcf887a.html
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