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| My kids are raised . this is what I have done: 1) Pay your kids when they are growing up. It is stupid not to . They are in a lower income tax bracket than their parents. 2, They were to buy clothes and a few things but we still bought a lot just because we wanted to..3 We also paid for their first college degree as long as they followed our plan. which meant going to the community college then on to a public college to keep cost.. It was also part of the plan that they were to be available form farm work as much as possible.4.They were expected to be saving and accumulating money. Because of this goal They each got new cars some tile while they were going to college away from home. I did this because I didn't want them to get in the habit of buying cars on payments. they both graduated from college with money in the bank and no debt. This is relevant to the OP concerns because it explains why I feel like I don't owe them any thing. They are both interested in buying land of their own. My daughter is in a very high paying profession and is married to a farm kid who will probably be farming some day. My son is farming some with me now and has a good job in town. They get along well. They both saw me having to work in town and farm to build up an operation that would keep me fully employed, They both know that I had land long before they were born. Their help was important but it sure didn't buy any farms. My plan is to split the land between the two of them and to put the terms of sale or rent between the two of them . I would expect that my son will have to buy out his sister at some point since she will be part of her own operation. My life sure would have been easier it I could have started farming with $5-10million of assets. But that wasn't how it worked for me. | |
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How to wrap my head around generational transitions/equity?
