sand85 - 7/6/2024 14:49

I read something by Stephen Covey once that noted we all want to live, love, learn, and leave a legacy.

As a bachelor, you will probably need some end-of-life assistance to live.  Maybe hospital and nursing home or maybe grocery runs and changing light bulbs and feeding cows.  Who will provide it and will they be compensated and if so how and when?  Paycheck, insurance, inheritance, promises? Will this require a sale of assets to create cash?  Encumber real estate with loans to create cash?  Sell the cows?  If so how will you manage the tax issues?  Will you need housing modifications to stay in your house 20 years from now (ramp, ground floor bedroom, etc?).  If you are happy can or do you want to put some equity towards farm equipment and facilities that will allow you to continue to operate as you are now?



What kind of legacy do you want?  Local FFA scholarship?  Trust fund for all the nieces and nephews of $50k towards first house at age of 25 or 30?  Or after first kid, or post-high school training/college or 2 years after starting a business?  

Do you want to have a family reunion at YMCA of the Rockies every 3rd year, courtesy of the trust, with food and lodging provided to those who show up on their own dime?

Do you want to watch cows in the pasture, even if they are someone else’s?

Do you want to see your farm continue at some preferential price to give someone else a leg up on the rural lifestyle?

Do you want to split it equally by sibling or niece/nephew or by their kids?  Is equal even fair?

Church/producer association/hungry kids in Africa/local park district/cause that is dear to you?