OK, serious question time.....Had a serious offer on the farm that is solely Camille and I's place, no family involvement on it. It was purchased for us to have our own farm and it has been quite prosperous for us over the years,BUT I just had a local guy make me an offer on it that is nearly 3 times what we paid for it. I really wanted to pass this on to my son, but I am thinking that with that kind of offer I could pay off any and all debts we had and put the rest in an investment that would benefit my family (son) for later in life if he chose not to carry on with farming. I was raised that if you have a chance to profit beyond any measure that you could ever achieve from something in its current state, it is just good business sense to prosper and move to the next project. This is tough, but I am thinking if it were to materilize I could live with that decision. Camille has a lot more emotion in her decisions...mine are usually business driven. Emotions dont pay the bills. A major draw back to me is the capital gains taxes we would get slammed with. I could do a "like kind exchange" on part of it to get a new home, but there is still a lot left to get taxed on. What would you guys do if in this situation??
Cheese "makes my head hurt" Man
