Create a New Estate Plan or Adjust the Old One?

By: Myron Friesen

I am 70 years old and my husband passed away suddenly. I have three sons including an attorney in Chicago, a realtor in California, and a son farming with us. I have 900 acres with $1 million in debt. Right after the funeral, we got together as a family and everyone seemed to have some ideas. My attorney son suggested we put all the land into an LLC and then pay my farming son hourly for his labor on the farm. Then he wants the profits from the farm split three ways between the boys after the LLC has paid me rent.

After my death, the LLC ownership would split three ways and continue as it is, according to his plan. Our realtor son did not say much. The older two sons were given opportunities to farm and neither of them did, but now they act like they want to farm or at least make money from the farm.