icanshootwell
Member
- Location
- Ross-on-wye
So from 8 or 9 years old then.
promises promises
- Thread starter lazy farmer
- Start date
- Location
- Lincolnshire
Quite right. Otherwise you are spending your life building up somebody else's inheritance or even your own inheritance tax liability.
We did quite a bit on the farm, even though my father only owned a third of it. I dare say it wouldn't have kept going without our help and would have been sold up 30 years ago if we hadn't taken an interest. Still my absentee relatives didn't hold back and wanted their full share out when it came to settling up and so we paid them out at three times the price we could have had it for decades earlier, when of course they wouldn't sell, even though they did nothing towards maintaining it.
The other stupid thing we have done down the ages is to effectively lend the old folk money to expand the farm. We should have just bought the extra land ourselves in our own right then we would have had control of it and it wouldn't have had to be inherited. That really was stupid, but there was a "if you buy it you will have a bigger share than the others" mentality.
Family business. There always seems to have to be a certain amount of grinning and bearing it. Other than that it's the nuclear option.
SilliamWhale
Member
A 3-5% a year from a certain date of joining the business in your 20's I'd say presuming the older generation want to pass it on, with maybe a clause to review it at 48-51%?.
If they don't want to pass it on then they need to be clear about that early on so the younger generation knows were they stand. If the don't know where they stand then they won't invest and enthuse about the business.
I don't think its about "expecting" to inherit, more about needing clarity.
You would think the parents and the son could protect their asset if they thought he had a golddigger anyway?
If they don't want to pass it on then they need to be clear about that early on so the younger generation knows were they stand. If the don't know where they stand then they won't invest and enthuse about the business.
I don't think its about "expecting" to inherit, more about needing clarity.
You would think the parents and the son could protect their asset if they thought he had a golddigger anyway?
- Location
- Lincolnshire
You at least need capital accounts to show the partners shares of the capital in the business. That way, any profits you make can be allocated in a transparent way and recorded and accumulated. You can't really expect to acquire a share of the land or the parents assets other than laid down by their wills as its their personal capital asset.
But all the capital appreciation is down to rising land values, rather than any retained income.
Very hard to do fairly and equitably.
- Location
- Warwickshire
We have an older sister who got nothing out of the business.
She put nothing into the business, got a degree & a well paid job
Then married a farmer . . . Who has a sister . . . Who has had nothing to do with their farm so should equally expect little
As mentioned previously, your capital should start as soon as you start working on the farm if you aren't getting a proper wage.
We've both had off farm jobs & have propped the business up with that money years ago, now we're finally reaping the rewards
Hard work pays off
So life worked out for your sister but was she ever offered, encouraged or given the chance to work on the family farm?
The term gold digger seems to be recurrent in the thread. Most of the Essex farmers avoid problems by marrying within the farming community.
- Location
- Warwickshire
Yes she could've had the chance. She had a pony. She also went to Grammer School so spent lots of time studying.
We didn't take the 11 plus. We just wanted to work & earn money.
I have cousins on my mother's side who don't speak because of money issues. The daughter feels hard done by because the son got the farm.
The daughter had lots of money out of the farm over the years & didn't do anything to help the farm. The son worked on the farm & eventually inherited it. The daughter has been stirred up by her partner who is a gold digger, he even tried to get my mother involved. He's got the message what our opinion is.
Another thing that comes with inheritance, is that you get to be career for one or both of your parents. Along with Mom, Me & my brother had to look after Dad when he had severe dementure for 6 years.
My sister lives 50 miles away so couldn't help much. But now she is having to do caring duties bor both of her in-laws as their own daughter lives 150 miles away
glasshouse
Member
- Location
- lothians
FFSSo from 8 or 9 years old then.
glasshouse
Member
- Location
- lothians
BULLSH.IT.
As dr wazzock says, without the hard labour and commitment, the business would have folded 30 yrs before, so now there would be sod all to inherit.
glasshouse
Member
- Location
- lothians
Daughters or sons who get education paid for and get good jobs elsewhere should expect nothing from a farm inheritance. If they do, they should give it back to the working sibling.
glasshouse
Member
- Location
- lothians
speak for yourself
primmiemoo
Member
- Location
- Devon
All I can think is that the son in the OP doesn't seem to appreciate that he has two parents who are still alive, and presumably in reasonable health.
Obviously, not knowing the family, one can only go on what's reported, but it appears he's reached his mid 50s as some sort of entitled kidult playing wiv big toys, and in a prolonged childish strop because he had to do a few jobs around the place and muck in. Does it state how much rent his business pays for its pitch?
Some of us had to grow up much younger than him, help care for an ill parent as a child, and do our best by the surviving parent when a full adult*. Inheritance is the last thing on any list of priorities when that happens.
*as opposed to chronologically an adult.
Obviously, not knowing the family, one can only go on what's reported, but it appears he's reached his mid 50s as some sort of entitled kidult playing wiv big toys, and in a prolonged childish strop because he had to do a few jobs around the place and muck in. Does it state how much rent his business pays for its pitch?
Some of us had to grow up much younger than him, help care for an ill parent as a child, and do our best by the surviving parent when a full adult*. Inheritance is the last thing on any list of priorities when that happens.
*as opposed to chronologically an adult.
kiwi pom
Member
- Location
- canterbury NZ
Interesting idea.
Here's a situation I heard of recently to ponder.
Son 1 leaves school, family says you can go to university we'll help, son 1 says no I want to stay home and gets his way. Two years later son 2 leaves school and says the same thing but is told there's no room, (there wasn't really room for son 1 either) but again we'll help with university.
Son 2 goes to university, works in the holidays etc else where and with parents help finishes degree with no debt, but no money and goes off into the world and pays their own way.
Son 1 stays at home and gets a new pick up and a few toys because 'we helped son 2 with fee's' Son 1 gets a basic wage because its basic work and lives at home with no bills.
Fast forward 15 years son 1 is still at home son 2 still works in the ag industry.
The 'what do we do now' question is asked.
Ideas???
glasshouse
Member
- Location
- lothians
Too much of a generalisation.
Are the parents retired or working? who is taking decisions? who is golfing/ rugby/fishing/ getting a hairdo?
kiwi pom
Member
- Location
- canterbury NZ
I believe son 1 handles day to day work, elderly parent makes the big money decisions and helps when required.
There's been no expansion or improvements in recent years and i'm told border line profitable.
I know both sons and in my opinion number 2 would work more hours in their job than number 1 does on farm.
I agree its a bit vague.
There's been no expansion or improvements in recent years and i'm told border line profitable.
I know both sons and in my opinion number 2 would work more hours in their job than number 1 does on farm.
I agree its a bit vague.
- Location
- Bay of Plenty NZ
Sell the farm.
kiwi pom
Member
- Location
- canterbury NZ
- Location
- Bay of Plenty NZ
If kids are working on the farm they should've paid a decent wage, if the farm cannot afford it then it is not viable.
Why should there be a sense of entitlement?