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RR Valley, ND; MN native | I wonder myself how it plays out in the end. I have 1 sibling and neither of us farm or have any kids. We are now in our 50s and my elderly mom in asst living gets rent income from the farm. Sibling has told me they are planning to leave the state (they got divorced last year, probably wants to get far away from the X or their relatives). I am likely to retire in next 5yrs.
My thoughts on this right now are when mom passes we would split off the building site from the land for future sale. Could continue to rent land for a while and clean up the building site to make that easier to sell later. I'd probably live there for a while until upkeep gets to be too much or health and proximity to healthcare as what point that gets sold. Land could be sold whenever. The building site has no modern farm uses, just old obsolete buildings that some need to go from poor condition. | |
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Any guilt of selling inherited property versus renting when retired?
