Might buy shared property, any wisdom?

[Richard]

a lot of thoughts all, thank you (sincerely).

To give you another twist that has me concerned... I think the AIL's needs are met primarily through her insurance and perhaps some Medicare.

now, I dont know all the details (honestly) but I was talking to AIL's son (yet another cousin and the one that will be her executor when the time comes)

Anyways, I asked him how she was "keeping" her part of the farm given her financial situation and all.

Well (and I've verified this), it seems the farm is shown "publically" in my father in laws name, along with his LONG deceased mother and his sister (the original 1/3, 1/3, 1/3 purchase). I've seen a copy of the actual deed.

The OTHER sister (this AIL, who never bought into any of it) does NOT show anywhere on the deed in an obvious sense.

Seems, as per my discussions with the people down at the deed office, you look up the deed and see their three names. you ahve to look into the paperwork attached to find the wills & other documents that bring the ownership to current people.

Point being, the current owners are in fact, the legit owners BUT, if you don't look at the supporting documents of the deed and look ONLY at the deed, two of the three people are no longer with us.

Seems this quirk at the registrars office has allowed this asset to be missed. The girl at the registrars office told me it was THEIR way of doing things, so it's not like any family has tried to hide it... just the way it unfolded. Maybe that is common practice everywhere, I don't know. I found it strange and 'wrong' to use a strong word.

one of my fears is, when "that time" comes and her estate is probabed... there just might be SOME people that may raise an eyebrow and have a significant interest in her estate all the sudden... perhaps even to the point of causing FIL large heartaches because if they try to sell/attach HER undivided land, they are trodding upon HIS undivided land.

Sigh

Someone send me a hollowpoint (for myself)

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My wife wonders what I mean when I mutter under my breath at times...

What I'm muttering is my awareness that our "future" here is by NO means set as it currently looks. Things will be changing considerably when the change of generations takes place. Perhaps it will be for the better, perhaps it will be for the worse (ie, area developed and we'll have 100 neighbors instead of 2).

She wonders why I refuse to build things on the farm. Why? Because it's not OUR land to build on first & foremost, second, why put the effort and $$ into it and have it all mucked up some day in the future by life events as they take their natural course.

now, if we could get some protection and KNOW what the future might bring, that'd be different.

Guess I'm going into book mode, my apologies.

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[Sigarms]

Re: Might buy shared property, any wisdom? *DELETED*

Post deleted by Sigarms
Wife does not want to much family info on a public forum /forums/images/graemlins/crazy.gif

 

[Richard]

Thanks again all (and Sigarms...I think I can feel your pain)

I just got done cutting a field and as I drove mindlessly about, I think I cleared up some thoughts.

1. The land has a value of "X" (what ever that may be)
2. My guess is, most any buyer who would walk in to this situation as a minority owner in undivided land would not pay "X", but probably only a portion of X (what ever that may be)
3. I'm willing to pay AIL "full X", and my opinion is, when she's gone and her kids want to sell, they might fall into trap #2 above.
4. I'm willing to pay for FIL to create a trust and organize all this mess


While cutting, I think my light bulb went off:

1. Probably better idea to listen to some of above stories and not try to buy AIL out and be perceived as "taking" anyones inheritance.
2. Probably better to wait until then and buy the individuals out (presuming they want bought out)
3. If I wait until they try to sell, if the market isn't there (because of undivided minority ownership), I might be able to walk in and either pay full X, or even 90% of X and be their hero
4. Given we're going to probably have inheritance tax issues with FIL, it might be a MUCH better idea to keep this cash handy & liquid such that if THAT time comes, instead of being in the reaction business doing the "OMG" thing wondering how we're going to pay his taxes without selling... I can walk in and perhaps pay the taxes, save the farm on the stipulation that since ALL are benefiting by my paying his taxes, my reimbursement will be "X" acres as calculated by fair market value of farm per acre, divided into the taxes. This way, they can choose to pitch in cash (to pay the taxes) or relinguish a portion of their ownership. Each can participate to the degree they want or are able.

My BIG goal is to simply keep the farm together so if/when it's sold, it can be done by CHOICE and not a reaction from someones ill fortune (passing away).

ya... that's my thinking now and when wifey gets home, I think I'm going to see what her thoughts are on it.

A SINCERE thanks to everyone who expressed your thoughts.

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