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Veteran Advisor

Iowa Partition Law Keeps Farm In Family

http://www.calt.iastate.edu/blogpost/completely-new-partition-law-coming-iowa-july-1

 

Previously, Iowa law strongly favored a forced sale if two heirs can' t  decide on  how to dispose of a property in which they are tenants in common.  A new law effective 1 July makes it more likely that family members who want to keep a piece of the farm can find a way to do so without going to auction.

 

This probably puts a premium on family transition planning, which most "old folks" are terrible at as they want to put those hard decisions off until they are not around to have to face the music.

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Honored Advisor

Re: Iowa Partition Law Keeps Farm In Family

1-Constant change. delays the process of transition planning. Waiting on “youth” to become committed “adults”. These days 60 year olds can be “discovering themselves” while their 80 yr old parents wait.
2- lack of education. Delays transition planning. Most heirs now have a warped view of what their “farm” business does or should do. Experts on “farming” have greater soapboxes than ever before and non farm heirs often listen to them and not their parents.
3. Lack of business knowledge is common and in most cases shouldn’t be expected to run one.
4. Equality. A concept that has been warped into “disfunctionallity”. If farmers sit down to discuss transition planning and that term is a goal, no chance of a good transition.
5,6,7,etc
#4 wrecks the plan.
9.- most farmers and their heirs don’t understand basic business function or their own strengths and weaknesses.
10–. Most farm business is based on a work ethic and talents that are not taught through normal education and are unique to the area. The lifestyle is not desirable, too independent, and has no guarantees.
In a society that guarantees everything.
Most of us die waiting for our children to wise up.
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