Trust for family property
I'm not sure this belongs under money but it seems as good a forum as any presented here. If there is any forum where people might have had to think thru such issues it would be this one.
We have a family farm, not highly profitable but above break even with the land leased out for hay and some land reserved for timber. I had intended to consolidate the ownership into a trust and somehow tie it to the last surviving (as yet unborn) grandchild. Probably have some clause allowing any further descendant the right to continue the trust or somehow renew it with the terms as close to the original as allowed by whatever laws are in force then. By my understanding, this is about as long as you can make a trust run.
Has anyone here done such a long running trust to protect a legacy property? Any insights would be appreciated.
I will say that we are now dealing with some legal issues on the property. The cost of those issues would more than deplete any normal fund reserve I would have planned to have such a trust maintain. Adding a continuing financial fund to the trust complicates things. I had planned to have the trust zero the accounts every year by disbursing to all the members. Now I can see that could cause major issues if such a need were to occur and not all members could (or would) contribute the funds needed to deal with such an event. Maybe there is an insurance policy the trust could purchase to handle such items?
I am a ways away from being able to establish this. The last other partner of the property has, I hope, a good number of years to live before full ownership would be in my hands and allow me to make this happen. I could discuss with them doing it earlier but still think it won't happen for some years yet.