We live in Ohio, but I own property in Nebraska that has been in the family for over 100 years. My father farms on it through a life estate, and it is worth roughly $200,000. My wife and I have started putting together a will. We have agreed to leave everything to each other. However, I would like to know if there’s a way to leave something to my wife and keep this property in my family. We don’t have any children, but...
“‘I would like to leave the land to my wife, but I’m concerned that if she remarries that the land could leave the family.’” No doubt, the land comes with memories, a feeling of continuing a tradition and a sense of pride. It’s tricky dealing with a piece of land that goes back generations, and no doubt your wife sees its historical significance in your family. One word of caution: there are no guarantees when it comes to a family inheritance. Your nieces and/or nephews may also sell the land, if they see more value in the monetary value and want to cash out.
“‘Ultimately, you want to do what’s best for the land and the people in that area, in addition to honoring your family’s legacy.’” “We find that a greater prevalence of absent landlords is associated with lower rental rates and land values at the state level, and there is no association with recent changes in rents or land values,” it added. “Also, while we find mixed results with respect to investments in soil quality, we do find evidence that the prevalence of absent landlords is associated with declining local employment rates.
After this question, I wouldn’t want your land, but I might be considering a divorce.
Donate to charity.
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