card_crafter
New Member
My bachelor uncle recently passed away and stated in his will the desire for the family farm to stay in the family, giving myself, husband and oldest son the right and option to purchase it. If real estate qualifies for special use valuation (Sect 2032A) that will be the purchase price which will be a huge difference than appraised fair market value.
The land has been farmed by my husband and another neighbor for several years once my uncle was no longer physically able to. Neighbor plants corn, husband plants soybeans so they switch fields each year. Neighbor pays set cash rent $ amount, husband on shares (pays 1/3 to uncle). About 4 or 5 yrs ago, our son became of age and he took over husband's fields. There are no written contracts, just handshake agreements.
My uncle was of sound mind but physically unable to care for farm (later in nursing home) so son and husband have been taking care of things for him.
The estate atty has not been proactive in checking to see if the farm will qualify for the special use valuation so I would really appreciate any insight from anyone with info on this.
The land has been farmed by my husband and another neighbor for several years once my uncle was no longer physically able to. Neighbor plants corn, husband plants soybeans so they switch fields each year. Neighbor pays set cash rent $ amount, husband on shares (pays 1/3 to uncle). About 4 or 5 yrs ago, our son became of age and he took over husband's fields. There are no written contracts, just handshake agreements.
My uncle was of sound mind but physically unable to care for farm (later in nursing home) so son and husband have been taking care of things for him.
The estate atty has not been proactive in checking to see if the farm will qualify for the special use valuation so I would really appreciate any insight from anyone with info on this.
