S CO rancher
Well-known member
In my case: Ex rancher ranching. You know what is going to happen, when it is going to happen, and the final consequences of the action. You also know when it is final, you will never again own a piece of land large enough to run a herd of cows.
In three hours I go in and sign the final papers selling the ranch. It would not be so emotionally wrenching if it was my choice, but poor estate planning, the notion that you know more than anyone else or the courts, and the notion that you are immortal is not a good plan to pass the ranch on to the next generation.
A piece of advice for families: Make a plan for generational transfer before it becomes an estate. Make sure everyone understands, review it on a regular basis (at least annually), and remember that sometimes fair does not mean equal. If there are step families involved and there is any tension, the written plan is vital. Once the plan is written down, spend a little extra, take it to a different lawyer/solicitor/estate planner and make sure that it does what you and the family want. When you get into something this complicated, sometimes one misplaced or mistated word can change the meaning of the whole plan.
Cattlearmy: Thanks for the 50 points to ponder. I really needed those today.
I will be lurking around, but it is going to be extremely hard to read posts from people doing what they love, loving what they do, and planning for a future in doing what I love to do.
I am planning on getting my 'cow fix' through my AI business, but in the last 24 hours of changes, I may not even be able to keep that. Talk about a roller coaster ride of emotions.
In three hours I go in and sign the final papers selling the ranch. It would not be so emotionally wrenching if it was my choice, but poor estate planning, the notion that you know more than anyone else or the courts, and the notion that you are immortal is not a good plan to pass the ranch on to the next generation.
A piece of advice for families: Make a plan for generational transfer before it becomes an estate. Make sure everyone understands, review it on a regular basis (at least annually), and remember that sometimes fair does not mean equal. If there are step families involved and there is any tension, the written plan is vital. Once the plan is written down, spend a little extra, take it to a different lawyer/solicitor/estate planner and make sure that it does what you and the family want. When you get into something this complicated, sometimes one misplaced or mistated word can change the meaning of the whole plan.
Cattlearmy: Thanks for the 50 points to ponder. I really needed those today.
I will be lurking around, but it is going to be extremely hard to read posts from people doing what they love, loving what they do, and planning for a future in doing what I love to do.
I am planning on getting my 'cow fix' through my AI business, but in the last 24 hours of changes, I may not even be able to keep that. Talk about a roller coaster ride of emotions.