Planning on Leaving the Family Farm to Your Children?
Leaving the family farm as legacy property for the children to inherit might not be the best strategy for you and your family.
My #1 bit of advice for the landowner that is planning on leaving the property to their children is to communicate inheritance plans with the family. What you think will be something that holds the family together for years of enjoyment, may just be the very thing that causes arguments, friction and broken relationships between family members.
Talk with your children and find out what their thoughts and ideas are about the property. One child may live close to the property and is able to conveniently enjoy the property and that enjoyment makes it worth the carrying costs of taxes and maintenance. Conversely, one family member may live out of state or across the country and cannot enjoy the property but has to pay the same taxes and maintenance costs causing animosity.
There are many options for addressing a real estate asset after death and speaking with an estate planner beforehand can be the best decision you make for your family. Discuss the property with your children and once you have gotten their input, meet with an estate planner to determine what option is the best for your particular situation.
Southern Land Advisors has been working with estate planners and land owners for years. If you have questions or need help with a family asset, SLA can point you to a trusted estate attorney to get the advice you need to make the important decisions moving forward.