What is a fair way to split up fariming assets to siblings

[Chae1]

Does anyone else ever think who/what am I working for!?

I do. I'm only 41. I enjoy working on the farm, plan to continue to until I'm not able. No desire to retire. Doesn't look like my children are going to work here too. At the end of the day I'm just going to end up in a hole.

@confusedsibling you'll probably live in this house till you die? Does it really matter the value?

 

[ollie989898]

Does anyone else ever think who/what am I working for!?

I do. I'm only 41. I enjoy working on the farm, plan to continue to until I'm not able. No desire to retire. Doesn't look like my children are going to work here too. At the end of the day I'm just going to end up in a hole.

@confusedsibling you'll probably live in this house till you die? Does it really matter the value?

So long as you enjoy it, draw a wage and it keeps you in heating oil/cider/New Holland varios and you have some punt of a pension at the end can't be all bad can it?

It's why I've consistently told folk: there is no one out there going to thankyou for getting up at 4am every day for 30 years, if you want a Fendt, Disco 5, Ducati or Stihl chainsaw, go for it.

 

[upnortheast]

My therapy is driving the milk van through Newcastle. Makes you realise , no matter how bad your day, it's 100 times better than living and working in a big city

 

[goodevans]

no problem. It’s easier to play devils advocate to enhance conversation.

The garden walls (all listed) are in the process of / have fallen down. Siblings are in better nick. I think it’s about 50-60k to fix those. They aren’t really safe as they are (one fell over last week and nearly took out chicken coup) But can’t just get rid of them, keep sipping Chalis!





values of both have remained constaint I think. Location here devalues things by maybe 1/3rd though. Managed to divert a footpath that walked right through the garden last the kitchen window which the business paid for which has helped.

I still don’t know what they have spent on theirs so it’s hard to work out how well thE money spent has faired. I believe they were farrow and ball all the way, we were Dulux colour match instead.

My question was directed at the silent one,sorry if misleading

 

[theboytheboy]

Both work it out then ask yourselves would you swap? Get one sibling to place assets in two piles and the other chooses who gets which pile so to speak

Great solution.

 

[fgc325j]

Does anyone else ever think who/what am I working for!?

I do. I'm only 41. I enjoy working on the farm, plan to continue to until I'm not able. No desire to retire. Doesn't look like my children are going to work here too. At the end of the day I'm just going to end up in a hole.

@confusedsibling you'll probably live in this house till you die? Does it really matter the value?

How will things be in your later years and your knees/hip start to go, and you need an op????. 3 farmers around here, mid-7o's, late 70's,
early 80's - all needed hip/knee replacements 10 years ago, "but can't take the time off" attitude means that they are stuffing themselves
with more painkillers than they should. Too much paracetamol kills the liver, ibuprofen destroys the stomach lining, so what sort of life is that???
You are 41 - start making sure that you prioritize a pension plan for 65, instead of shiny new kit/sheds. If your attitude is "i cannot afford a pension plan"
then you will be an old fool.

 

[curlietailz]

Why don’t you get the farm to pay your renovations up to the same standard of your siblings house then you are equal

 

[curlietailz]

Haha! Definitely one of the most unusual shades, that and dead salmon, I wish I’d though of expensive paint with weird names!

my friend has dead salmon on their dining room
Actually looks lovely and tastefully accessorised but I did raise an eyebrow at the name of the paint !

 

[KennyO]

With regards to the garden wall surely the farm could manage to pay for that in a more tax friendly way. If you end up doing it yourself you will have vat to pay too. It is surely there to stop stock getting into the garden......
Find a half decent lad/ lass and stick them on the books for a while or get the correct invoice from a friendly builder.

 

[essexpete]

I suppose it may give too much away to ask the OPs and parents ages. (approximate).
Regarding the house perhaps an amicable family chat to ask if the farm can bring up to a reasonable the structure and outside (including, if you dare, the garden walls. Not sure how much further you can push beyond that. Did the farm pay for upgrade of interior or brothers house?
Going forward have you plan B if someone dies prematurely/out of sequence, as it were? Is there a generation of grandchildren?

 

[ollie989898]

Anyone who walks into my house and asks 'is that farrow and ball paint and if so what colour can fudge?' off in all honesty.

 

[chaffcutter]

Interesting to know, does the business own these houses or are they owned by the partners/directors? This would make a difference taxwise. I think the brothers and wives need a meeting with their accountant to try and find the best way to achieve what they all want.

 

[MRT]

Anyone who walks into my house and asks 'is that farrow and ball paint and if so what colour can fudge?' off in all honesty.

Its Duck Egg Blue, isn't it?

 

[Luke Cropwalker]

Have you considered getting an independent person to help you sort this out? Yes an accountant or valuer will charge but it might be better than spoiling a (rare) harmonious family farming situation. If it saves a bit of tax or long term ill-feeling it would be money well spent.

 

[thesilentone]

Out of interest how much was your own house worth then and now,in percentage terms

I wasn't married then, but did about three years later and built my own house. It cost me £35k to build, I sold it 7 years later for £75,000, and bought a Farm, that was 29 years ago. The people who bought it, recently sold it for £250,000.

The farm cost me £220,000 and was recently valued at £1.1m, however only due to the great buildings we have and building/development potential.

 

[ollie989898]

Its Duck Egg Blue, isn't it?

Don't you start.

 

[confusedsibling]

Why don’t you get the farm to pay your renovations up to the same standard of your siblings house then you are equal

it’s the way this post is going I think

With regards to the garden wall surely the farm could manage to pay for that in a more tax friendly way. If you end up doing it yourself you will have vat to pay too. It is surely there to stop stock getting into the garden......
Find a half decent lad/ lass and stick them on the books for a while or get the correct invoice from a friendly builder.

vat is a killer and yes, very aware of this. I have a builder lined up for such things!

I suppose it may give too much away to ask the OPs and parents ages. (approximate).
Regarding the house perhaps an amicable family chat to ask if the farm can bring up to a reasonable the structure and outside (including, if you dare, the garden walls. Not sure how much further you can push beyond that. Did the farm pay for upgrade of interior or brothers house?
Going forward have you plan B if someone dies prematurely/out of sequence, as it were? Is there a generation of grandchildren?

the land registry would show it’s owned by a mix individuals in various guises, all family though. To date no personal money has been spent on either other than curtains and furniture.

Interesting to know, does the business own these houses or are they owned by the partners/directors? This would make a difference taxwise. I think the brothers and wives need a meeting with their accountant to try and find the best way to achieve what they all want.

tax wise this is all sewn up safely, have spent years planning tax. Covid is making a meeting hard work and zoom sucks for this type of discussion!

Have you considered getting an independent person to help you sort this out? Yes an accountant or valuer will charge but it might be better than spoiling a (rare) harmonious family farming situation. If it saves a bit of tax or long term ill-feeling it would be money well spent.

thank you, if nothing else this post has confirmed what I know, how bloody luck our family is!

Yes the valuerer is looking at figures post external works to mine. I think even after this has been paid for, I suspect my sibling may still have several £100k value on me which I would gladly dismiss If my bit ticket stuff was sorted.

 

[Netherfield]

When I got married I refused to live in a business owned property, reading the above makes me think I did the right thing now.

Brother moved in to a house belonging Yorkshire Water on a rented farm, when through health problems he left he'd nothing to take with him except furniture, anything the business had spent on renovations YW would reimburse on a time scale, but only if the business quit the farm completely.

I told him from day one that he should pay into a building society account an amount similar to a mortgage payment, at least they would have had something to help with another property.

 

[Chae1]

How will things be in your later years and your knees/hip start to go, and you need an op????. 3 farmers around here, mid-7o's, late 70's,
early 80's - all needed hip/knee replacements 10 years ago, "but can't take the time off" attitude means that they are stuffing themselves
with more painkillers than they should. Too much paracetamol kills the liver, ibuprofen destroys the stomach lining, so what sort of life is that???
You are 41 - start making sure that you prioritize a pension plan for 65, instead of shiny new kit/sheds. If your attitude is "i cannot afford a pension plan"
then you will be an old fool.

Where did I say I can't take time off? If I choose not to retire that's up to me. My attitude might have changed when I come to that age. I've had a couple near death experiences in last 2 years, a farm accident and a stroke. That's changed my attitude to death somewhat. I'm not afraid of it having stared it in the face.

I've a agreement with a good friend we will euathanise each other if the time ever comes we feel it's not worth going on.

Will only really work for 1 party though.

 

[REStracTORATION]

Are you involved in the accounts side ?