What if nobody wants the family farm?

[John7777]

Depending on the type of farm, it should be easy enough to lease every year, and there's no shortage of farm "managers." Even banks get into that type of thing for a small cut of the yearly rent.

You could go that route, keep the farm in the family, and your entire involvement would be to cash the rent check twice a year.

[Turtle177]

Originally Posted by historyfan

Do not be so quick.
You need consult a tax accountant & tax attorney- both specializing in agriculture operations. Owning an agricultural operation can be very tax advantageous (as in offset your off farm income from federal & state income taxation).... I would create a limited liability corporation with all the siblings as shareholders & hire someone to run when time comes.

Thanks, historyfan. We have considered this too, and I'm not totally opposed to that, by my spouse and siblings are adamantly against it. They basically want nothing to do with it.


The house is way too big, much bigger than most in their area so I think selling or leasing would be tough, especially since it sits in the back middle of the property, which could be tricky to sell and keep the land around it. But certainly some interesting things to consider. You are right, though, I will consult my tax accountant and attorney to understand what all this means in the future. It's valued at about $1.5m, so well below the $5m threshold for inheritance in Kentucky thank goodness.