I’ve seen people post similar topics in here before, just looking for advice from anyone with experience or good ideas. I’ll try to cover all pertinent items below. Thanks up front for any advice or input.
Here’s the deal, I stand to inherit a 40 acre fruit orchard when my uncle passes away. Apples, pears, and peaches still producing on roughly 15-20 of the acres. Less and less every year as he’s 77yrs old and can’t keep up. This may be his last season. The rest he has leased out to neighbors for corn, wheat, soy. Property has a great well located at the high point on the property, he pumps to a tank and gravity feeds the orchard for irrigation when needed. He lives in a double wide that’s close to the road, has a large enclosed barn for equipment storage and fruit sorting, storage. Large walk in cooler too. He has no children or wife and the will is completed and signed. Back of the property has a large stand of Oaks that cover the width of the plot. It’s a large rectangle basically. Nice pond on the property as well. Property is surrounded by farms.
I don’t intend to settle in OH. Few years left until retirement from AD, wife and kids are permanently settled in the PHX area and we don’t plan on leaving even after I transition out. We would like to spend time at the farm so the thought is to build out there one day, something small for us to enjoy the OH summers and deer hunt in the fall. Selling is out of the question. Grandpa bought it in the 50s and it’s not leaving the family.
Question is, say he passes (god forbid) in the near future…or even when he eventually does… I don’t want it to sit and get overgrown, then there’s the liability piece as well with random trespassers. Would likely auction the equipment and have the double wide hauled off. Not sure what the best path forward is. Thought about forming an LLC and continue leasing it out to collect that income under an ag business of some type and then zone out a plot for a future cabin that I own personally.
Unsure what my options are or what other’s experiences may have been. Appreciate any advice!
Here’s the deal, I stand to inherit a 40 acre fruit orchard when my uncle passes away. Apples, pears, and peaches still producing on roughly 15-20 of the acres. Less and less every year as he’s 77yrs old and can’t keep up. This may be his last season. The rest he has leased out to neighbors for corn, wheat, soy. Property has a great well located at the high point on the property, he pumps to a tank and gravity feeds the orchard for irrigation when needed. He lives in a double wide that’s close to the road, has a large enclosed barn for equipment storage and fruit sorting, storage. Large walk in cooler too. He has no children or wife and the will is completed and signed. Back of the property has a large stand of Oaks that cover the width of the plot. It’s a large rectangle basically. Nice pond on the property as well. Property is surrounded by farms.
I don’t intend to settle in OH. Few years left until retirement from AD, wife and kids are permanently settled in the PHX area and we don’t plan on leaving even after I transition out. We would like to spend time at the farm so the thought is to build out there one day, something small for us to enjoy the OH summers and deer hunt in the fall. Selling is out of the question. Grandpa bought it in the 50s and it’s not leaving the family.
Question is, say he passes (god forbid) in the near future…or even when he eventually does… I don’t want it to sit and get overgrown, then there’s the liability piece as well with random trespassers. Would likely auction the equipment and have the double wide hauled off. Not sure what the best path forward is. Thought about forming an LLC and continue leasing it out to collect that income under an ag business of some type and then zone out a plot for a future cabin that I own personally.
Unsure what my options are or what other’s experiences may have been. Appreciate any advice!
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