Believer, father, husband, ag real estate lender and bass fishing fanatic. In my job I get to finance the most important, yet humble, people on the planet.
@clintwfischer I have seen similar situation, but “nephew” has a 10 year evergreen lease that renews each year until owner dies. Lease indicates rental rate can only increase up to the inflation index, not to exceed 3%.
@FullingSteve@5150Farms I think Boa Safra is the biggest company that does this and has defended a few IRS audits. I have asked some farm accounting firms and know of a couple in central Indiana that will walk you through it.
@jasonmauck1 Last year I listened to Gary Chapman, an attorney with Bose McKinney & Evans talk about things to think about when negotiating solar leases. He is in downtown Indy. The guy seemed to know his stuff and had several examples of what to do and not do.
We had a good turnout at the annual Fulling family reunion on Saturday in Palestine. Pictured here is the generation I fit into, but there were 4 generations in attendance.
@clintwfischer Some of the more successful operations I finance get the younger generation involved early. One of them even told their kids they need to work for another operation for a couple years before coming back to the family operation. Brilliant idea!!