I literally bought the farm. My dad got a divorce and he needed to pay off his wife. I took out a loan for $250,000 to pay her off. Now he wants me to GIVE the farm to my little brother. It’s currently worth 1.5 mil. There are 5 siblings. I think all siblings get a share. What do you think
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Ah, whaaaat?!
You got a loan and your father wants you to give the land away?
Umm, I don’t think so.
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That’s what I think too.
Yes, all siblings should get a share AND they need to pay you $50,000 each for their share of the loan.
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Can I buy your eggs?
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Ha. Freaking guineas.
I think the family needs counseling and mediation. Reading between the lines, there is a lot of crazy there.
And get a lawyer to review everything.
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It is your farm, period.
Did you actually buy the farm…i.e. deed transfer and all that jazz?
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Sell it for $1.5 millions and walk away.
Uhh, who owns the farm? Whose name is on the deed?
How does the 250K relate to the valued 1.5M? I’m not following based on what you included in the post.
When you say - all siblings get a share, what do you mean? Now, someday in the future? How do you propose that would work?
What do I think, I think you believe you did a good deed for your father, and are now rethinking the repercussions.
Do you think you bought that farm for 250K? I am envious of you for finding a deal where you invest 250K, and potentially have ownership and control of a 1.5M asset…is that how I should read this?
you own it, you decide but a 5 way split seems equitable
Sounds like that’s the share the ex-wife had vested at the time of divorce per the court.
Unless InMotion wants the farm, sell it and divvy the profits (i.e. after the 250k) equally.
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I am guessing your little brother is the only one who wants to continue to work the land but doesn’t have the means to cover paying you back for the loan. While understanding that parents don’t have to divide up their estate equally and the desire to keep the farm in the family, I think you all could come up with a plan where you were fairly compensated for the loan and some reasonable appreciation of the investment. Assuming the $250k didn’t give you full control of the farm, I would think a long term pay back from your little brother would be reasonable. If you do own the whole farm then it isn’t your dad’s call, it is yours.
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What was the agreement or understanding at the time? Did the other siblings have an opportunity to help out but decline?
I would tend to stay with the agreement at the time, but I would also want to preserve my relationship with my siblings.
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I echo The GMAN_Retired’s post.
If it’s any solace (which I’m sure it’s not), one of my great grandfathers literally bet the farm. And lost. Twice.
Apparently he had a bit of a gambling problem back in the old country. His sons had to work for years, twice, to get the family land back. It’s what drove some of them to emigrate from Sweden to the US - good money being a lumberjack in the North Woods back in the day, I guess. So that the cash could get sent back to help buy back the family farm.
First time, ok sure. I’d be pissed but help out. But I sure as hell wouldn’t let Dad still have the deed to gamble with.
Second time? That’s on you.
Fool don’t get fooled again. - dubya
Yup. I don’t get it either.
I think some if it was wrapped up in the thought that there was more economic value to be gained by being collective rent-to-own farmers working & buying back the family property than by each son starting over individually from scratch.
Maybe that was true. But I still would have been pissed, and inclined to tell the old man to go pound sand.
ETA: This was 19th century Scandinavia. I don’t think gambling dens required proof of collateral like a deed. I strongly suspect if the head of household sat at the card table and seriously said, “I’ll bet my farm”, people took his word for it. And would respond violently on the property and the family if he reneged.
Is there more to this story? How does you taking a loan to give her money translate to you owning all or 1/5 of the farm, and why would he ask you to give it away, and to only one person?
Confused I am.