
Q:
If I leave my farming operation to my child who remains on the farm, how can I treat my other children fairly?
A:
This is tough, but there are several approaches to consider. It may be possible to use life insurance to provide equalizing funds. Also recognize that a "fair" distribution does not necessarily require an "equal" distribution, especially if assistance has been provided for non-farming children such as a college education, etc. Finally, a family discussion may be very beneficial. You may be surprised that the children, themselves, have thought of, and perhaps even discussed, this problem. In summary, this is a difficult but not necessarily an insoluble problem.
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