Land values in your area?

[fjlip]

Farma, I have no kids due to being married later in life. I do have nieces and nephews,also step kids which are all in cities. I have nobody interested in taking over. If I don’t sell it will be rented out. We have all the kids in our wills for inheriting the land. I was hoping there would be a family member to take over and keep it in the family.

We have the choice of "giving while alive" and in an estate.
If we give, we see them benefit/enjoy fruits of our lives, in estate, we will never know.

[blackpowder]

When wrapping your head around 5k land put down the pencil. You want it or no. If yes, you can afford it or no. Simple. And believe me the money does change hands. The price of grain (at least for now) has fkall to do with it.
The supply of cash/equity still greater than supply of land for some. Hutts seldom bankrupt.
I know of half the bigger non hutt operators here would not be killed by 8% interest. Yes, others would.
How many of us here couldnt believe 2000 ac land? How many wish theyda bought some?
It will change but I'm done predicting when. I hope it goes to 10k.
To that end dont be afraid to fire your accountant. My parents affairs just dumb.

[AC man]

I know you can look at the price of land and compare it to the price of equipment,which is the better investment. The land will always be there whereas the iron will be parked in 10 years if it even makes it that long. The only problem is that you need the equipment. In reply to a previous thread,we are considering giving the kids some land.

[bgmb]

We have the choice of "giving while alive" and in an estate.
If we give, we see them benefit/enjoy fruits of our lives, in estate, we will never know.

More often than not you will get to see it pissed away. Seen lots of times where a family member gets a deal to but land then they turn around and sell it for market price shortly after.

Also sometimes the older generation will hold on forever living on next to nothing so they can Will the land to their kids and kids have land sold within months of getting it.

[Rareearth]

Start a trust, land can be rented out and income, dividend, inheritance etc can be yours and your families for ever. Borrow against half of the equity, and have trust management (paid family members voted in) invest in other business ventures( stock markets, land, new Ag emerging technologies etc)

It’s you legacy, parents, grandparents and all that follow. Pay for 4 year university education (for those that want to better themselves) or other such investments in family.

[farmaholic]

Start a trust, land can be rented out and income, dividend, inheritance etc can be yours and your families for ever. Borrow against half of the equity, and have trust management (paid family members voted in) invest in other business ventures( stock markets, land, new Ag emerging technologies etc)

It’s you legacy, parents, grandparents and all that follow. Pay for 4 year university education (for those that want to better themselves) or other such investments in family.

I remember fjlip talking about trusts being restricting or hand tying..... and like some others mentioned, does it really matter when you're dead?

How do you structure the trust? All siblings, then their kids when the siblings die? Too many fingers in the pie! I heard of mineral trusts where the "pieces" got a little small. And fighting!

ps: AC man....good luck with your decision. It's yours to do what you want with.

BP, probably the best thing I've ever heard regarding justifying buying pricey land...."put down the pencil" lol.

[Rareearth]

The trust thing has worked well for Trudeau, and many others..

If the Huts buy your land everything is demolished, like you were never there.

[fjlip]

"I remember fjlip talking about trusts being restricting or hand tying..... and like some others mentioned, does it really matter when you're dead?"

Yes was 40 years before grandfather's will/trust was wound up. Nothing anyone would wish on their heirs, once dead who GAF about anything/legacy/ future, live today, enjoy what ever, especially seeing your offspring prosper/spend their inheritance. Just MHO.

[blackpowder]

It's begining to dawn on me while trying to sort out parents 'legacy', and trying to 'finance' mine. Why should I live poor to the end? Why should I support my siblings retirement? Why should kids who have no connection to land inherit no strings attached?
If I can time it right, I'm thinkin of picking a "screw it" date.

[Rareearth]

gifts to church, school, hospitals, community, are always welcomed and legacy, you don’t have to build a hospital or art gallery.

Ideally you don’t run out of money doing the things you want to do or dreamed of before “health issues” set in. Hopefully family, prodigy is the legacy.

[blackpowder]

Yes, theres always hope.

[fjlip]

Pattison, Dube's, Remai's are all giving to legacy projects while they are ALIVE to see the good it can do.

[SWFarmer]

Yeah the highest that has sold in this area was 6.3 X 2016 assessment. $400 000 for a pretty marginal quarter.

[farmaholic]

Yeah the highest that has sold in this area was 6.3 X 2016 assessment. $400 000 for a pretty marginal quarter.

#1.....I hope that's is an older assessment (about 63,500)

#2.....Are we ****ing retarded?

[WiltonRanch]

What you hear and what it actually trades for are 2 different things. Being in on a couple transactions as of late I got the land sales report for the respective rms. Some real surprises both ways. I don’t even want to say what good dirt or marginal stuff goes for because quality is trumped by location.