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Originally Posted by boefixepa
As far as the orignal poster, you're right, a very complicated situation. Personally I think you and your brother owe it to your parents to 'buy them out' at a resonable price. In your situation I certainly think it's time to get some legal help dealing with all the details since things are so intermingled.
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The reason that family farms are passed down is that they are too expensive to buy outright. Land, machinery, animals - you are talking several hundred thousand dollars. My dad didn't buy it from his father - he worked it until my grandfather died, then inherited it. It's one of the reasons not many people get into farming who aren't born into it. my brother, making maybe $20-30k per year could never afford to buy out the farm - and my father does NOT want him too. They are partners.
As for the house, I can't buy them out. They live here, and quite frankly, they won't even take rent from me
My father was born in this house and never lived anywhere else - nor will he, if he has any say.
My parents have gotten legal help and have done exactly what they were told to do - establish an irrevocable trust so that everything they have is passed to their children directly. The trust is actually in our name, with them having life use of everything, the freedom to sell or liquidate assets, etc. They can do whatever they want with their money and assets - but when they are gone, it will be ours.
They did this without our knowledge or prompting - I am certainly not waiting for my handout. I would gladly take nothing to have them around for the rest of my life! They know how the system works, they made a choice to preserve their assets so that their children can continue to live the way we were raised (on a farm).
But I digress...the original idea of this post was really to tell everyone to enjoy what they have worked for!