Inheritance....More money more problems

[Smith31]

We have just returned from collecting some livestock from a farm this morning, the deal was done before Christmas.

As we were loading the lorries, the old farmer and his wife didn't even acknowledge us, they were silently watching the stock go up the ramp without any emotion, which we thought was strange. To be honest we felt very uncomfortable.

After we had loaded the lorries and were ready to set off, the son who we had purchased the livestock from, came and sat in the cab and apologised for his parents actions. He explained how his parents had split the farm into 3 equal lots before Christmas, for him and his sisters to share. The sisters left the farm over 20 years ago, he had stayed. The sisters live hundreds of miles away and have no input on the farm. For his 20 years of extra contribution, he had recieved the livestock and some machinery.

Apparently, yesterday after the Christmas meal he told his parents that he was moving away from the farm with his children and that he had sold the sheep and cows. Therefore, he would no longer be trading after today.

In reality this is the end of their farming business. The heart breaking thing is that he is such a hard working, calm and kind hearted gentleman and it must be killing him inside.

I am not here to discuss the rights and wrongs of the situation, but I have witnessed many inheritance rifts on so many family farms around these parts, over the past few years. In one case the son didn't attend his father's funeral .

Please try and get your affairs in order before your children are grown men and women with children. Delays simply lead to unrepairable family disputes with even grandchildren having a bitterness towards their grand parents. This is a massive problem within agriculture that needs to be addressed in my opinion.

 

[milkloss]

We have just returned from collecting some livestock from a farm this morning, the deal was done before Christmas.

As we were loading the lorries, the old farmer and his wife didn't even acknowledge us, they were silently watching the stock go up the ramp without any emotion, which we thought was strange. To be honest we felt very uncomfortable.

After we had loaded the lorries and were ready to set off, the son who we had purchased the livestock from, came and sat in the cab and apologised for his parents actions. He explained how his parents had split the farm into 3 equal lots before Christmas, for him and his sisters to share. The sisters left the farm over 20 years ago, he had stayed. The sisters live hundreds of miles away and have no input on the farm. For his 20 years of extra contribution, he had recieved the livestock and some machinery.

Apparently, yesterday after the Christmas meal he told his parents that he was moving away from the farm with his children and that he had sold the sheep and cows. Therefore, he would no longer be trading after today.

In reality this is the end of their farming business. The heart breaking thing is that he is such a hard working, calm and kind hearted gentleman and it must be killing him inside.

I am not here to discuss the rights and wrongs of the situation, but I have witnessed many inheritance rifts on so many family farms around these parts, over the past few years. In one case the son didn't attend his father's funeral .

Please try and get your affairs in order before your children are grown men and women with children. Delays simply lead to unrepairable family disputes with even grandchildren having a bitterness towards their grand parents. This is a massive problem within agriculture that needs to be addressed in my opinion.

Probably a wise decision for him and his family despite it being a difficult one for him and his parents to stomach. Farming is changing.

 

[Lincs Lass]

I can see 2020 being the make or break year for many young farmers ,,any that have been handed it down in the same way as the young gent ,,foul weather ,rising costs ,uncertain markets is going drive lots to rethink if there's a future for them .

 

[yellow belly]

The problem is the high cost of land
no farmer can afford to buy out the 2 non farming siblings if the land is left freehold equally split 3 ways
when the rescission was made to split it equally many years ago the land would have been much lower cost
2 options
leave it equally with the son On long term tenancy

or sell it then to the son with a mortgage that pays into an investment to give to the siblings

owning land can be a ball and chain for the farming sibling

 

[Werzle]

We have just returned from collecting some livestock from a farm this morning, the deal was done before Christmas.

As we were loading the lorries, the old farmer and his wife didn't even acknowledge us, they were silently watching the stock go up the ramp without any emotion, which we thought was strange. To be honest we felt very uncomfortable.

After we had loaded the lorries and were ready to set off, the son who we had purchased the livestock from, came and sat in the cab and apologised for his parents actions. He explained how his parents had split the farm into 3 equal lots before Christmas, for him and his sisters to share. The sisters left the farm over 20 years ago, he had stayed. The sisters live hundreds of miles away and have no input on the farm. For his 20 years of extra contribution, he had recieved the livestock and some machinery.

Apparently, yesterday after the Christmas meal he told his parents that he was moving away from the farm with his children and that he had sold the sheep and cows. Therefore, he would no longer be trading after today.

In reality this is the end of their farming business. The heart breaking thing is that he is such a hard working, calm and kind hearted gentleman and it must be killing him inside.

I am not here to discuss the rights and wrongs of the situation, but I have witnessed many inheritance rifts on so many family farms around these parts, over the past few years. In one case the son didn't attend his father's funeral .

Please try and get your affairs in order before your children are grown men and women with children. Delays simply lead to unrepairable family disputes with even grandchildren having a bitterness towards their grand parents. This is a massive problem within agriculture that needs to be addressed in my opinion.

On boxing day?! Im not sure who's keenest , you or the vendor. As to the above situation, theres nothing as queer as folk.

 

[Exfarmer]

I have seen so many situations where the next generation are put in impossible positions by the well thought, but awful decisions of the parents.
Far too often the stay at home son is rewarded for his years of work building up the farm with a kick in the teeth. Very often parents have no understanding of the sacirfices made by these stay at homes while the others have frequently lived a very good life in the knowledge that someday their credit cards, mortgages, pension funds will be paid by the one person who did all the worrk.
i fully sympathise with the son for his decision, he knew that the farm would not be viable when his siblings were in control and would virtually be certainly after the money, the day the parents departed this coil.
I once would havebbeen in just this position , if I had not married and at my new wifes urging sat doen with my father and git things sorted, even then we were extremely lucky at his death to retain the new farm we had bought after paying off siblings.
I would urge any young farmer in a family situation, who has not already done so, sit down with your parents, probably best with the family solicitor and possibly accountant, and discuss what they want for the farm after they pass on.
Remember it may be best to pay off siblings outside the family now, they will have young families, big mortgages and being able to pay a big chunk off now would be worth possibly ten times, what an inheritance in 40 years times may be worth. When you are young you can do the work that inheriting when you are 60 is no longer possible.
sadly so many older people find it very hard to havethis conversation, or even dream that othe siblings may come back to the fold, heaven forbid!

 

[Werzle]

I can see 2020 being the make or break year for many young farmers ,,any that have been handed it down in the same way as the young gent ,,foul weather ,rising costs ,uncertain markets is going drive lots to rethink if there's a future for them .

Plenty of young farmers realise the struggle isnt worth it and the money can be better used. Why struggle and toil living like a church mouse , working weekends/bank holidays lapsed in shite when all around them walk about in their best clothes working 39hr weeks on tidy money.

 

[nelly55]

It must have been heart breaking for his parents and a difficult choice for him,however surely it would have been more pleasant to sit round a table and talk.My heart breaks for his parents as they treated everyone fairly,ofton not the case when one sibling works it to cut the others out as so ofton has happened round here

 

[betweenthelines]

After my father died (without a Will) I tried to run the farm with my brother. This was at the insistence of our mother despite the fact that I had run the farm for several years with brother having very little input. Suffice to say that by Boxing Day 1986, the situation become so intolerable (me doing all the work, brother taking money out of the business) that me, my wife and infant son decided to move out and in effect give up what I had been working for for the previous ten years. Brother went bankrupt, meaning I never got a penny of what I was due.

Christmas isn't just happy memories.

 

[yellow belly]

Some sons or daughters stay at home in expectation of the inheritance doing enough to maintain the farm
without developing it and growing the business because it is the easiest line to take

if the owner occupied farm is set up with rent paid the farming side has to develop rather than sit on the rental income equivalent
the rent used to finance the land holding or invested for the future or as a pension for the older generation when they no longer do physical work

 

[MrNoo]

Some sons or daughters stay at home in expectation of the inheritance doing enough to maintain the farm
without developing it and growing the business because it is the easiest line to take

Trouble being that in most instances certain parents will dip in with cap in hand, no matter what other income they have. It limits ones ambitions somewhat with the business, instead have to look outside it.
Half brother will have 250ac of decent dirt (onions & spuds have been grown on it) yet was informed he wont be farming it as he wont make enough to live on, you couldnt make it up if you tried.
I could contribute to this thread and most of it would make your eyes water in disbelief but unfortunately one of the main protagonists apparently now follows what I do and say on here so best keep my thoughts to myself on this one I'm afraid. Oh to have so much free time!!!

 

[Exfarmer]

Some sons or daughters stay at home in expectation of the inheritance doing enough to maintain the farm
without developing it and growing the business because it is the easiest line to take

if the owner occupied farm is set up with rent paid the farming side has to develop rather than sit on the rental income equivalent
the rent used to finance the land holding or invested for the future or as a pension for the older generation when they no longer do physical work

Every case is different, but far too many sons and daughters have worked at home, with overbearing parents not allowing any development of the business, paying the son a pittance, which he and his wife only put up with, as Dad has always promised “ one day son, this will all be yours” only to find those who have regularly got subs from Mum and Dad to finance a lifestyle beyond their means, now have an equal share in the farm.

 

[deere 6600]

I have seen so many situations where the next generation are put in impossible positions by the well thought, but awful decisions of the parents.
Far too often the stay at home son is rewarded for his years of work building up the farm with a kick in the teeth. Very often parents have no understanding of the sacirfices made by these stay at homes while the others have frequently lived a very good life in the knowledge that someday their credit cards, mortgages, pension funds will be paid by the one person who did all the worrk.
i fully sympathise with the son for his decision, he knew that the farm would not be viable when his siblings were in control and would virtually be certainly after the money, the day the parents departed this coil.
I once would havebbeen in just this position , if I had not married and at my new wifes urging sat doen with my father and git things sorted, even then we were extremely lucky at his death to retain the new farm we had bought after paying off siblings.
I would urge any young farmer in a family situation, who has not already done so, sit down with your parents, probably best with the family solicitor and possibly accountant, and discuss what they want for the farm after they pass on.
Remember it may be best to pay off siblings outside the family now, they will have young families, big mortgages and being able to pay a big chunk off now would be worth possibly ten times, what an inheritance in 40 years times may be worth. When you are young you can do the work that inheriting when you are 60 is no longer possible.
sadly so many older people find it very hard to havethis conversation, or even dream that othe siblings may come back to the fold, heaven forbid!

Every farmer in the country should be made to read this post well done sir

 

[Exfarmer]

Trouble being that in most instances certain parents will dip in with cap in hand, no matter what other income they have. It limits ones ambitions somewhat with the business, instead have to look outside it.
Half brother will have 250ac of decent dirt (onions & spuds have been grown on it) yet was informed he wont be farming it as he wont make enough to live on, you couldnt make it up if you tried.
I could contribute to this thread and most of it would make your eyes water in disbelief but unfortunately one of the main protagonists apparently now follows what I do and say on here so best keep my thoughts to myself on this one I'm afraid. Oh to have so much free time!!!

Fortunately I can quote freely but am careful not to identify any of the many cases I have seen. In my career I have probably come across 40-50 sad stories may be more. Equally I have come across several where stay at home son is selling up shortly after dad died as he only hang on to maximise his inheritance

 

[David.]

Was having the discussion at the accountants other day; 4 adult children who don't farm, but grandchildren starting to arrive who might like the opportunity.
Beans says that if it was his he would leave farm equally to the four children, regardless if it ends up being sold. Leaving farm in trust kicks the decisions down the road to somebody one may never know.
I summarise but that was the gist. His point being that if one grandchild gets to farm the place and everyone else is grumpy, or gets an insignificant divvy in the form of a share of the rent, will we have achieved what we wanted to.
Best solution I reckon is never to die..

 

[Kidds]

Ours landed in my bank on Xmas Eve and as far as I know everyone is happy, if they’re not they never would’ve been.

It can be done, it hasn’t been plain sailing but nor were any alternatives.

 

[worker]

The son of the farmer, instead of being upset that he didn't receive all of the farm should have been bloody grateful to receive a third of it. The sense of entitlement of some farmers kids amazes me.

 

[Hilly]

Aye all the green eyed monsters looking at family farms think it’s all beer and skittles for all truth is it is bee r n skittles for a tiny percent for a lot family farms can be a poisoned chalice.

 

[Vincent]

Surely the parents knew when they split it in 3 that there would be changes, fair play to the guy in question to make the decision to move on. When split it's up to each owner to do as they see fit with their third. I'm a big believer in ploughing your own furrow in life. I also understand that the parents were trying to be fair with the split.

 

[B'o'B]

The son of the farmer, instead of being upset that he didn't receive all of the farm should have been bloody grateful to receive a third of it. The sense of entitlement of some farmers kids amazes me.

Maybe he was, but could see what was his wasn’t viable to do anything else with and the best thing for his own family was to not put off the inevitable but make a start on his new life while he has the drive.