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| You need to talk to your parents and siblings (or your parents need to talk to the siblings) about a transition plan. If they significant assets and no estate plan....they and you will have a lot of work to do and need to hire an attorney/advisor with some experience in such. Be prepared to spend some time and money with an attorney to get it set up. You parents also need a financial advisor to help them with the tax implications.
You need to try to make sure that your siblings don't feel like they are getting somehow cheated out of something and you also need to understand how involved they might want to be (or not involved). You can structure something where you are the farm manager/operator and your siblings are owners not involved with daily operations. You can make different business entities -- ie land can be owned by different partnerships than the operating entity. Your parents can establish land ownership entities for the siblings where the partnership agreement stipulates that owners can only be family members and if someone wants out that the first purchase option goes to the other family members (at some pre-set appraisal method).
Edited by chris dds 9/9/2024 18:29
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Young Farmer
