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| There are a lot of things you should have done earlier. But on the bright side it is still a good oppurtunity. In my whole career I never rented more than 450 acres. Ideally could the old farmer to do seller financing on the land, machinery and the grain/ growing crops. Maybe you can get a good deal on interest and price. The farmer is old enough that any deal that will work for you will out live him. If the deal is in writing you are protected from his heirs trying to pull out the rug from underneath you. If the deal is too good for you and the old guy goes in a nursing home the government is not going to let the deal stand. They can go back 6 years. The FSA young farmer program is a great deal for you but the old guy is hoing to be paying more income tax on the sale of the farm. If you buy the land that way Medicaid is less likely to through a wrench in it. I am especially concerned about nursing homes because it has happened to me 3 times. Thne good thing was they were smaller farms that I could handle the purchase.
On an LLC talk to an honest Accountant-taxpreparer. Don't let somebody talk you into something you don't need. | |
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Farm Hand to Farmer (Seeking Advise)
