By: stacey r. edwards jones
October 19, 2020
If you ask me, there is nothing better than Fall on the Farm. As many of you know, I grew up on a farm near Lake Crystal and moved back to the farm in the last five years. Our family farm was certified as a Century Farm sometime in the 1980’s. We received an official sign and certificate during the winter of 1980-something, signifying that the farm was now a certified century farm. My grandparents went south every winter to various places in Texas. That year, I anticipated their arrival home with more excitement than in prior years. We had put the sign in the window of their home for them to see immediately upon their arrival from the long road trip home from Texas. They were not aware that we had made the application for Century Farm Status and this was going to be a surprise for them. While I can’t say I exactly remember their reaction when they arrived home that year, I do know the sign hung in their porch window from that day on. I am proud of how the farm continues to teach each generation the value of farming in our community and the country and the value of hard work and a respect for nature, land, and the basics in life. Although, my own kids have not had the life lesson of walking beans due to the new technology available in farming and pesticides and weed control.
My husband and I made the decision to move back the farm on a whim. The farm place next to my family’s farm went on the market on a Monday and we purchased it by Wednesday. My husband and I wanted our kids to grow up near their grandparents, just as I did as I child. My parents live just down the road and my brother lives in between us, in the house my grandparents built that still holds the Century Farm sign. I love hearing the sounds of fall on the farm. From the semi’s air brakes chugging as they slow to enter the drive, to the purr of the grain dryer that lulled me to sleep as a child as I lay under my grandmother’s handmade quilt. The farm truly is a special place.
When working with our estate planning clients to continue their legacy, I think of my own family’s farm and how important it is and will be that it continue for generations to be occupied by family. Recently, we have seen an increase of disputes among heirs regarding valuations of farm land. It is safe to say that the value of farmland is not measurable and even appraisers come to varying valuations on the same property. The value of the farm to one child can be very different than that of another child of the same family. It is important to put together a solid estate plan that takes into consideration all heirs and is in clear in the language of the plan on the intentions of our clients. I sometimes even recommend that they write a letter to their children on what the intentions are and why they are doing certain things as part of their planning. Often, I invite the children to a meeting with the parents so it is clear ahead of time what is to occur upon the death of the parents. This gives the family a time to ask questions and perhaps even make adjustments to the plan.
The things I inherited from my grandparents exceed any monetary gift. I learned things like how to sweep a barn without leaving any marks or missing anything from my grandfather. Or the difference between a button weed and a milkweed. And from my grandmother, I learned to never leave home without lipstick! Your legacy might seem small, but it will last for generations. Including grandchildren in specific gifts is an impactful way to show your grandchildren just how special they are. I used an inheritance as a partial down payment on the building that Jones Law Office now occupies and it gives me great pride in knowing how I got there. I know they would be proud too.
So, no matter your net worth, you can leave a legacy for the next generation that will serve them well.
*Please note, the content of this post is for informational purposes only and is not to be considered legal advice.
