Land and Family

Discussion in 'Iowa Whitetail Conference' started by Elusive78, May 22, 2019.

  1. Elusive78

    Elusive78 New Member

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    So my Dad owns 56 acres of hunting land which he does not Utilize to the fullest. He's not big into hunting like I' am . So I have a lot of frustration built up over the years things, I would like to practice management he has no interest ,I bought new Kubota Tractor for food plots, he had no interest in doing that so I sold tractor this past year, One year I put bow stand up and made little kill plot for myself so one night I went to go site there, Dad had put up ladder stand 10 Ft away from my stand because he said does not feel safe going into my bow stand. Anther time I had nice buck on camera and dad likes to always work on Rifle stands during the best time of the year during archery season I ask if he could hold off for couple days it was like end of the world when I ask that it was like pulling nails. Had Idea for a food plot for him so he would have nice easy access to a stand, so we clear spot out then he would not help me put stand up I had to put stand up myself then this past year he moves that stand out of the blue. Was hunting the second season got nice 13 pointer on camera over food plot I show Dad guess who goes and sites right away. So I v been told this land will be mind some day when they past away but If I want totally control of it now they will sell it to me real cheap he wants to keep land in the family. Remember he does not understand how us hunters think. Would love some honest feed back and if I should wait or buy land.
     
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  3. IowaBowHunter1983

    IowaBowHunter1983 Super Moderator Staff Member

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    Does buying it really solve the "problem"? If you were to purchase it, are your prepared to tell your Dad to stay off it or prescribe what he can and cannot do? That would be an extremely hard thing to do that could really blow up. In the grand scheme of life, probably not worth it IMO. There are some tax considerations as well. You can inherit it tax free. One thing I do not know is if the value resets on the inheritance in terms of capital gains basis if you ever chose to sell it later. Good question for a CPA. Tough position to be in. If it was me I would probably let Dad do what makes dad happy and try to go find someplace else to hunt that works better for your goals and save the management of the family farm for well down the road. My 2c.
     
  4. muddy

    muddy Administrator

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    You cant tell your dad how to hunt his land any more than he could tell you how to hunt your land. I think IBH1983 has given you the best answer to be honest.

    LoessHillHunter has gone thru similar issues with his Dad over the past 15-20 years, maybe he will weigh in on the situation.

    If you want to have good hunts or may be you keep your trail cam info secret, or your stand locations secret, but that opens up an entire new can of worms if you pop a giant "behind his back"
     
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  5. BJohnson

    BJohnson Well-Known Member

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    I am pretty certain the tax basis in the land will "Step Up" to fair market value at the time of death. That's what happened when my last parent passed away - my siblings and I inherited our parents land with a tax basis equal to the fair market value at the time of my mother's passing. In my case our parents were landlords rather than farm operators so we sold the land within a short time with minimal cap gains tax consequence.
     
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  6. sep0667

    sep0667 Land of the Whitetail

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    I'm not sure how old you are your dad are, but dad's not going to be around forever. Personally I'd let it be and just have fun hunting with dad.
     
  7. Thinkin Rut

    Thinkin Rut PMA Member

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    The wild card would be an extended nursing home stay by one or both, that would suck their assets down in a hurry. You might want to look into an irrevocable trust.
     
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  8. Hardwood11

    Hardwood11 Well-Known Member

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    In your situation waiting might be the best, but don't show him trail cam pics!! ha ha

    Thinkin Rut has a good point on nursing home, I see that happen a lot.
     
    Last edited: May 22, 2019
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  9. Muskrat24

    Muskrat24 Active Member

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    I understand the "into hunting" and "doing it the right way" but in the end it is your dad's ground and I'd guess most people would trade a few sets of nice antlers to get to hunt with their dad, gpa, etc. one last time after they're gone. Maybe enjoying what opportunities you have on that property might be the better route to go with it.
     
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  10. Elusive78

    Elusive78 New Member

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    Your totally right Muddy I don't have any right to tell him how to hunt his land. I just wish he was open minded to doing things since I'm his son. Me keeping trail cam info and stand locations a secret then poping a giant behind his back that would never be a issue he would be happy for me. So for now I'm going to hold off on purchasing land, I still pretty much get to do what I want with it just not totally control plus there is way to many other opportunities out there to hunt thanks for the good feed.
     
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  11. Elusive78

    Elusive78 New Member

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    That's what I'm going to do is wait Hardwood11. Some people have told me that's mess up he won't let me have land now. I don't feel like he owes me anything if he wants me to have land some day great if not no big deal. Diffidently no more trail cam pic showing lol
     
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  12. LoessHillsArcher

    LoessHillsArcher Well-Known Member

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    Same here - hunt that property with dad during rifle season or whenever he hunts. Hunt else where bowhunting if it isn't working out there. Keep it enjoyable, that's the reason we all hunt.
     
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  13. nwhawk

    nwhawk Member

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    You certainly are not wrong, but this would then lock-in the basis at current fair market value of the land and a step-up would not happen at death.
     
  14. Thinkin Rut

    Thinkin Rut PMA Member

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    Are you saying that the step-up would happen at the signing of the trust as if it changed hands right then or are you saying that taxes would be owed on the increase in value between the time the trust was signed and the value at the time of death?
     
  15. nwhawk

    nwhawk Member

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    My understanding is that the cost basis of the land when gifted to an irrevocable trust is the adjusted cost basis which is essentially the original purchase price plus any improvements that are made throughout the original owners ownership (prior to the gift of the land to the irrevocable trust). There is no step-up in basis. Whoever inherits the land from the trust would have to pay capital gains on essentially the original cost basis of the land from the original purchase. It only plays out this was with an Irrevocable trust. I'm not an attorney so don't take this to the bank lol. I misspoke when I mentioned current fair market value from my original post I believe.
     

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