Do you have plans for your place when you pass away?

[oosik]

I have a will that leaves it all to my one son. My wife passed six years ago so I'm out here all by myself. Fortunately, my son grew up out here and lives in the big city only 20 miles away.

I have, over the years, taken the time to detail all the tasks and how to do them on the computer and then transferred this to a DVD. You know - such as ops/maintenance of the well - the septic system - the irrigations system etc, etc - things that are required to maintain/operate this property. I have also detailed all the companies and their phone #'s, to contact and terminate or transfer service - power, telephone, TV, internet etc.

My son does not like talking about this but I gave him a copy of the DVD and it should help him at my passing.

However, the good new - I'm a mean old fart and plan on living forever - ha,ha.

 

[MacLawn]

I'm surprised at how many here are leaving places to the charities, state, etc., or not family.

 

[ovrszd]

I'm surprised at how many do not have family that's interested in a country place. I have 2 Sons that will gladly step up when I can no longer maintain things.

I live on 20 acres. I also have a 150 acre farm about 8 miles away. I'll never sell either. My Sons will never sell either. In all our minds it's our family farm. Last Winter I had to sell off 6.6 acres to clear up some debts my Brother put us in. I cried over that. It still bothers me today and always will. I am in touch with my Soul when I'm on the farm. If I sold everything and moved to town I would quickly decline physically, mentally and spiritually.

 

[Kyle_in_Tex]

Lots of good replies from lots of good folks. I was hoping for this. Maybe this could be as big a thread as "Good Morning" or "Flail Mowers".

Maybe some could chime in about federal tax laws and the best ways to pass land down to heirs. Yes, I know, go get a lawyer, but I'd like to hear about the different possibilities prior to spending money.

I guess for those giving to charities, there shouldn't be much upfront cost to put the deal on paper and the final transaction to be carried out.

For those with children that have no desire to move back on your place, to sell and have the money divided is one option, but I would worry about the money getting pissed away. My old boss ended up with some prime land that the city of Austin encroached, he kept selling pieces of it to substantiate his corvette and women chasing lifestyle.

My kids might would want to live here, but getting a decent job would be the deciding factor. Not many jobs here.

 

[RedNeckGeek]

Before my parents passed, they set up a revokable trust that named each other as trustees and me as first surviving trustee. They then put all of their belongings into the trust. When Dad died, Mom continued to manage the assets in the trust and there was no probate court involved, and no taxes either. When she passed, again no probate court, and the size of the estate was below the inheritance tax limits so no taxes were due.

You'll have to figure out if you want all of your children appointed trustees, or some trusted third party, perhaps the attorney that prepares the trust. I think you can specify that only a certain amount be distributed each year, and to whom.

Just as important are a living will for both you and your wife that states your wishes should you be incapacitated. Do you want them to pull out all the stops to keep you alive, or would you prefer to pass peacefully? Along with that is a medical power of attorney that gives someone the authority to make medical decisions for you, and a legal power of attorney so that they can manage your affairs when you are no longer able to.

The Bar Association in your state maintains a list of attorneys specializing in elder law, but the best way to find a good one is to ask around. This is one of those areas where word of mouth really is the best way to find a good one.

 

[Jstpssng]

I have a will that leaves it all to my one son. My wife passed six years ago so I'm out here all by myself. Fortunately, my son grew up out here and lives in the big city only 20 miles away.

I have, over the years, taken the time to detail all the tasks and how to do them on the computer and then transferred this to a DVD. You know - such as ops/maintenance of the well - the septic system - the irrigations system etc, etc - things that are required to maintain/operate this property. I have also detailed all the companies and their phone #'s, to contact and terminate or transfer service - power, telephone, TV, internet etc.

My son does not like talking about this but I gave him a copy of the DVD and it should help him at my passing.

However, the good new - I'm a mean old fart and plan on living forever - ha,ha.

I'm surprised at how many do not have family that's interested in a country place. I have 2 Sons that will gladly step up when I can no longer maintain things.

I live on 20 acres. I also have a 150 acre farm about 8 miles away. I'll never sell either. My Sons will never sell either. In all our minds it's our family farm. Last Winter I had to sell off 6.6 acres to clear up some debts my Brother put us in. I cried over that. It still bothers me today and always will. I am in touch with my Soul when I'm on the farm. If I sold everything and moved to town I would quickly decline physically, mentally and spiritually.

That's the the way that (I feel) it should be... You do your best to pass your values on, and hope that somebody cares for the land as much as you did... even though they may not do things exactly as you would have.

 

[Jstpssng]

Challenging issue. Brain drain, lack of jobs, kids not interested in rural living and live too far away, wife couldn't handle it alone--yep. :laughing:

MY plan, if I get the chance to execute it , is to do like flusher. At some point in age and ability to enjoy the place, sell and move to something much less involved. I'm 66 and have always thought about age 70 would be the time to get serious about the plan.

There are numerous land trusts aimed at various goals that I have thought about. Some may sell a donated property and use the proceeds on properties that better align with their mission. A conservation trust (preservation of farmland, timber, wildlife, recreation area) can be donated to various groups too.

The Small Woodland Owners Association of Maine (SWOAM) talks a lot about the importance of succession planning. They are interested in preserving working forests and foresee a huge turnover in land ownership in Maine given the average age of woodland owners. Their goal is to have land steered to someone in the family who will continue forestry. If not that, then they have a land trust program.

That's one place where you and I differ Dave. While I hope that the work I put into this property is appreciated and carried forth when I'm gone, there's nothing unique about it, so why should I control it from the grave. (Although current plan is to be buried here next to my dogs.)

I honestly don't know if I still belong to SWOAM; I can't remember if I paid my dues this year or not.
One big issue I had is the way that they push the trusts. An example of a good trust, where people got organized for the common good is here...https://www.downeastlakes.org

I won't mention the other side of the equation, because I don't wish to siderail a good thread.

PS to OP, you've asked a very good question, I hope that it generates a lot of discussjon.

 

[Buggs67]

Years before m Mom became infirm she saw a lawyer and transferred the house to her 7 kids. She had life tenancy. When she passed we fixed up the house and sold it.

I have no kids and no one except the siblings of wife and self to leave it all to. We have many fine nieces and nephews and we were thinking of setting up an education trust to assist them all with college and training. It could live on for a long time. Otherwise Uncle Sam will take most of it.

 

[jack707]

I was thinking to about this everyone in my family that was blood to me is dead! I have no kids or wife. There no way I will give it back to the Gov't I'll BURN THE HOUSE DOWN FIRST.

 

[dave1949]

That's one place where you and I differ Dave. While I hope that the work I put into this property is appreciated and carried forth when I'm gone, there's nothing unique about it, so why should I control it from the grave. (Although current plan is to be buried here next to my dogs.)

I honestly don't know if I still belong to SWOAM; I can't remember if I paid my dues this year or not.
One big issue I had is the way that they push the trusts. An example of a good trust, where people got organized for the common good is here...https://www.downeastlakes.org

I won't mention the other side of the equation, because I don't wish to siderail a good thread.

PS to OP, you've asked a very good question, I hope that it generates a lot of discussjon.

I haven't made any decisions about trusts or easements, it's just part of the landscape (excuse the pun) to consider was my thought to share.

Yep, SWOAM is all over those trusts. I think that is honest enough given that their primary goal is to promote forestry. Parcel ownership fragmentation (through splits among multiple inheritors), sprawl and development are obvious threats to the forest products industry. I think they must feel that easements or outright trust grants are the best weapon against that threat if no family member is going to continue active forestry management. I've learned a lot through SWOAM that you have likely known for many years. They do a decent enough job of informing people who are not in the forestry profession or experienced woodlot owners if you can look at their usefulness that way.

The thing about easements, for whatever purpose, is there are a growing number and mostly too young to have withstood any serious challenges. By Maine law, I believe the control of the property reverts to the state if an easement holder is dissolved. Who knows what happens then, but there is fair chance that it does not agree with the original easement grantor's plans.