Equipment Contract for Deed

[NDBaum]

I am currently looking for a form or different ideas to create a Contract for Deed for my grandfather's equipment as I will be starting to take over his operation in the Spring of 2012.  Any ideas or suggestions would be greatly appreciated.  We have settled on a total purchase price but not exactly sure on the details as far as interest or term.  We are thinking 2% over 7 years.  Thoughts?  What am I missing?

[Nebrfarmr]

I hate to bring it up, but have a plan in place in case something should happen to grandpa. I have seen deals contested, as well as hard feelings if there are any heirs that object. It should never happen, but it can.

[ncil]

Nebrfarmr is right on, however .

If the amount is 6 figures it may be worth paying an atty, maybe the one that will handle the estate a couple of hundred to draft an agreement

[mvp farms]

Talk to an EXPERIENCED tax professional and attorney that know about estate planning.  I would be willing to bet that unless your GPA has a brand new long green line of equipment, he would be better off gifting parts of it to you each year as long as you were renting some of his ground. 

You may have to go out of town or even out of the county to get some good advice but there are a lot of resourceful people out there who know how to work the tax law and estate planning laws inside and out.