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  #41  
Old 08/24/13, 08:18 PM
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Join Date: Aug 2011
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Sounds as this deer business should be setup as an L.L.C. [limited Liability Corporation] separate on its own. Do not include the farm as part of the assets of the business, but as a rental expense to the business. This will separate grandma’s farm from any failings of your Dads deer business. So if the creditors come knocking only the assets of his business will be in danger, and your grandma’s farm will be included in the list of creditors demanding payment from the business. Maybe establish a token amount to be paid to the owner (grandma) for land rental.
But it is imperative to get a small business attorney to guide you and him.

I know what you mean about not being listened to. Had it most of my life as I’m the youngest of my family. I gave up on them along time ago. Just speak my mind and go on with my life. I’ve been proven right more times than wrong.

And 7th Swan said it perfectly “Never ,never assume anything when it comes to your families property after their death.”


Good luck to you.
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  #42  
Old 08/25/13, 06:47 AM
BigHenTinyBrain's Avatar  
Join Date: Apr 2013
Location: Maine
Posts: 521
Doesn't really sound like any of these plans are going into effect right away... so why worry about it?
Do you fear that your dad will honestly come up with the money for a deer operation and get started soon? Because if he can come up with the start up costs then why not give it a try? Sure, it might not work, but if he puts up the money then you can worry about failing after you've started, not before. And if he cannot come up with the start-up money, well... your ideas might get their day at that point.

If everyone is still truly at the speculation stage, which is what it sounds like, then there isn't any reason to argue about his ideas or yours. If the farm is going to be mortgaged in order to convert to deer then your Grandmother will be the one doing that, and if she is against it then she simply doesn't apply for a new mortgage. I don't see how the farm itself will be at risk otherwise.
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  #43  
Old 08/25/13, 01:48 PM
wr wr is offline
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Join Date: Aug 2003
Location: Alberta, Canada
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HillRunner, would it be safe to assume your father will inherit the land from your grandmother? If so, I would suggest that you make sure that your small area is formally and legally established as yours so if your father does sell the land at some point or loses the farm as you fear, you will at least be able to retain your couple acres and ensure your grandmother has a place to live.

Does your father have any siblings or do you? If so, how do they feel about a deer farm?

Is the farm realizing a profit or is your father looking at options to avoid losing the farm?
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  #44  
Old 08/25/13, 02:16 PM
 
Join Date: Apr 2010
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You may have the best ideas and actually be the best person to run the farm but the reality is that it is not your farm. Unless and until you are the owner or an equal partner the decisions will be made by the owner. He may listen and even take your advice but that is up to him.

And there really is no such thing as an inheritance - at least no one should count on it or plan their life around it. Your father and grandmother could decide to sell and unless you can buy ...

Why not strike out on your own? Then IF you inherit something you will have two places to work or choose from.
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