quote:Who is the beneficiary of the trust? That is actually what would happen.
This post actually sparked some conversations at our house. I'm afraid we're going to be equally screwed. Parents and a family member live in the same house. They all own the homestead - but the homestead sits in the prime location of the rest of the land that is in a trust.
Found out recently that there is no plan as to what happens.
Here's one to stew on: family land/inheritance
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Last: 1 mo ago by schwack schwack
I believe the trust is split between the kids. (3 of them)
What I don't understand is what would happen to the house. Obviously the person remaining in it would keep it, right? And buy out the others for the land? The land is worthless to anyone who doesn't live in that house and couldn't be sold. (Access, floodplain, etc etc)
What I don't understand is what would happen to the house. Obviously the person remaining in it would keep it, right? And buy out the others for the land? The land is worthless to anyone who doesn't live in that house and couldn't be sold. (Access, floodplain, etc etc)
Sorry for not seeing the request for an update sooner. Not much to add. We have not talked to Sis about it at all since the first call. I did talk with my Mom about it this past weekend. She said Sis asked her what we had said to them. Mom said she told her that I called and beeotched her out about the blindsiding call & putting me in the middle. I did not beeotch her out - never spoke in any way that could have been interpreted as that. My sis then said that she knew that & felt bad and had talked to me about it - wrong.
Mom said they told her they didn't understand the hurry, that bro-in-law was not retiring for another 5+ years so why now? She also told them that they were not ready to make decisions about splitting the land because a million things could happen in the meantime. She left it open for discussion closer to when they would want to actually do something. She said she encouraged them to start looking for land elsewhere if they needed to do it now (extremely unlikely since Mom said they don't even have the money to buy part of theirs right now).
I will update this as things happen - if anything ever does. I really appreciate the followup & advice.
Mom said they told her they didn't understand the hurry, that bro-in-law was not retiring for another 5+ years so why now? She also told them that they were not ready to make decisions about splitting the land because a million things could happen in the meantime. She left it open for discussion closer to when they would want to actually do something. She said she encouraged them to start looking for land elsewhere if they needed to do it now (extremely unlikely since Mom said they don't even have the money to buy part of theirs right now).
I will update this as things happen - if anything ever does. I really appreciate the followup & advice.
quote:
This post actually sparked some conversations at our house.
I'm happy to see this. We will be glad to share anything we learn with you.
OH. I forgot to mention that my Mom just mentioned that they have a trust? When did that happen? She might be assuming a provision of the will takes care of this - I've never heard her say this before. I am going to ask for a copy of the will & the trust papers to see what's up. I have an old will of theirs that just states things are split between the two of us - maybe they have revised something... or she's just using some "I watch Law & Order re-runs" lingo - who knows. Family & Money. Ugh.
Agree. UGH to family and money.
As far as I can tell it wasn't addressed. I assume that the homestead would be left to that one family member/family. Their name is on the deed along with the parents.
quote:Drama is just as likely to happen whether you're dealing with family that has no money (or land) or family that has lots of money (or land). While no family drama is the best, if you have to have family drama, it might as well be dealing with lots of money (or land).
Agree. UGH to family and money.
It's insane because they are very smart people! They have already been through issues with dealing with their own parents!
quote:
It's insane because they are very smart people!
Same here, but I think emotions & the will not to hurt their children's feelings trump intelligence.
I feel you. And the reality for us is that either way someone will get hurt. I want it to be fair but I also see how much benefit the one in the house has and that already hurts. #emotions
1) Never underestimate the greed of poor people. Greedy poor people make greedy rich people look like saints most of the time.
2) Disassociate yourself from greedy people, especially family, as much as possible.
3) Find out what the property is worth. Will the taxes eat your sister or future owners alive? If you can show your parents that the taxes are unsustainable, they may move from seeing the land as an investment and more as an albatross.
2) Disassociate yourself from greedy people, especially family, as much as possible.
3) Find out what the property is worth. Will the taxes eat your sister or future owners alive? If you can show your parents that the taxes are unsustainable, they may move from seeing the land as an investment and more as an albatross.
Partition now!
quote:quote:
It's insane because they are very smart people! They have already been through issues with dealing with their own parents!
I have seen very rational and educated people make a lot of mistakes for very inexplicable reasons when dealing with family and inheritance. It is very easy and common for a family to get destroyed over something that could have been handled easily beforehand or even after the fact but for emotion.
Almost always there is a good and reasonable solution if people are willing and open to finding it.
This is why I always tell people to go talk to a real estate attorney that is knowledgeable about handling estates. They can take the emotion out of a situation, listen to everyone's concerns, and come up with a plan that best addresses everyone's issues. It will cost some money, but it will save everyone from a bunch of emotional distress later on down the road.
Any more issues with sis?
HTownAg98 said:Quote:Quote:
It's insane because they are very smart people! They have already been through issues with dealing with their own parents!
I have seen very rational and educated people make a lot of mistakes for very inexplicable reasons when dealing with family and inheritance. It is very easy and common for a family to get destroyed over something that could have been handled easily beforehand or even after the fact but for emotion.
Almost always there is a good and reasonable solution if people are willing and open to finding it.
This is why I always tell people to go talk to a real estate attorney that is knowledgeable about handling estates. They can take the emotion out of a situation, listen to everyone's concerns, and come up with a plan that best addresses everyone's issues. It will cost some money, but it will save everyone from a bunch of emotional distress later on down the road.
We do this stuff all the time (not in tx, can't help). The last time we had someone throwing a fit over wanting their inheritance now (before the parents died), the parents came in and changed their wills. The kids won't be happy with the result, as they were effectively "written out" of the will.
Speaking of, if you are left a small insignificant amout of money in a loved ones will (usually $100 or less), know that you were "written out" in such a way that you can't come back and Sue the estate claiming they forgot you.
The land we deal with is typically part of a corporation (most farms and raches, at least here are set up that way. It makes partitioning the land fairly difficult.
The whole thing was back burner'd by my parents. We'll see what happens over the holidays when they'll be there surveying their future kingdom.
Thanks. I think about you and this thread occasionally. We went through something similar with my wife's side of the family. In the end, because of calmer heads, it came out relatively OK. The other side of the family felt slighted, but, of course, they had been taking unequally for some time. When my wife and her brother said no more, folks got mad, but it was because they could no longer take advantage of an older, loving woman.
Appreciate the thoughts, harrierdoc. Will update if anything comes up when we go home this fall.
Not trying to be a smuck, just thankful to have a family that I would trust with anything/everything. This must be terrible to have to worry about. Good luck.
-Lucky Smuck
-Lucky Smuck
Hey, Hec - don't count your chickens before they hatch. I hope you're right, but if you had told me this could possibly happen in my family I would've had the same response as you. Things can just change: aging, others come into the family, etc. that you might never see it coming. I sure didn't.
Chickens hatched, fried an served. We've been through all of that and more. That's why I'm thankful.
Then you are a
Happy for you.
Quote:
-Lucky Smuck
Happy for you.
Thanks, truly better to be lucky than good. I blame my parents.
Looks like you'll be a lucky smuck too. Same thing happened for us and we all got our own ranches after that. Trust your parents.
Fingers & toes crossed, Hec.
Looks like there won't be anything to report after the holidays. We were set to do Thanksgiving at the farm - like every year ever - but Sis & family have said they aren't going - too busy. Not going for Christmas either. This has never happened. We have always made it there for one holiday or the other. So we are having the parents come to the house of Schwack instead - their idea. Mom is excited she doesn't have to cook & Dad will get to do some fishing. They haven't said anything about it really but I can see my Sis passive/aggressive-ly starting to put on the pressure to get what she wants. They can't have it? They ain't goin'. What the f happens to people?
money (and land) make people do stupid stuff. Ive had a guy want to sue his neighbor for building a deck, one who wants to dissolve a corporation to screw their kids out of land (family fights), currently working on a contested will due to land, someone restricting access to another family member (despite an easment) to try to force them into giving up their land, and fighting over $2k, which stopped the sale of the land, lost the buyer, and now they are both broke as ever.
The things people will do to family over money issues never ceases to amaze me.
The things people will do to family over money issues never ceases to amaze me.
Totally agree. I have seen multiple family breakups over money
Brief update for those following this saga. Had the parents in for Thanksgiving. We had a serious heart-to-heart with them about the whole thing. We told them we didn't care about the money/eventual inheritance - that our only concern was for their future & how giving part of it away (the BEST part with the pond, coolest old barn, etc) would really hinder their ability to sell in the future if they needed to. Apparently they have had more conversations with Sis and had started to second guess anyway. Bro-in-laws blank stare when they mentioned how great it would be to have help & be able to stay there as they became less able to keep it (& themselves) up was a huge wake up call. I know this isn't over yet, but they did agree that no decision should be made for next 5-10 years. We'll see what happens.
I want you all to know how much the Schwacks appreciate your fellowship & we hope you have a great Christmas and a very Happy New Year with the ones you love.
I want you all to know how much the Schwacks appreciate your fellowship & we hope you have a great Christmas and a very Happy New Year with the ones you love.
When my dad started to head downhill health wise he decided to sell EVERYTHING and move into a multi-tiered retirement facility where they could go from a great apartment to a assisted to a memory to a hospice room as needed. When mom passed the probate was simple as hell. It was all in a single brokerage account, it was divided and 2 and we each got a single check..simple.
It is a model that I would recommend for anybody. We eventually plan to sell ALL assets , downsize like HELL and when the time comes it a simple 3rd grade arithmetic issue. I also plan to have spent damn near everything but that another issue..
It is a model that I would recommend for anybody. We eventually plan to sell ALL assets , downsize like HELL and when the time comes it a simple 3rd grade arithmetic issue. I also plan to have spent damn near everything but that another issue..
Great plan & sort of what was always the plan here until my Sister decided she wanted part of hers now.
I want to beat the **** out of your BIL !!!!!
No doubt he planted the seed in all this BS!!!
No doubt he planted the seed in all this BS!!!
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