Q: What would be the best way to go about buying the land or whatever?
I live on my fathers farm we raised cattle and. I have invested alot of money into the property. We share labor and equipment. I would like to figure out how to not lose the property and my investment in it when he passes i have 4 siblings. My father says i have first option to buy it in hiswill but would like to just take over before he dies but dont know what or how to go about it
A: There are a variety of ways to protect your investment in the farm. You could buy your father out now on an installment sale so when he dies, your family gets paid the remainder and the money is split according to your father's Will or Trust. Your father gives you a note which is interest only and becomes due when he dies and you can use the Note to offset the purchase price. Your father can give you an option to buy the farm at his death for a specific amount and with appropriate terms, like a Note and Mortgage payable over a period of years. I suggest you contact an attorney who does estate planning and succession planning in your state.
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