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My DH (and I) have a 100 acre farm that he will inherit. I expect the value of farmland to increase over the next 50 years (what with the climate change and all.) What legal provisions could we be taking now to ensure that eminent domain or some other scary thing like that won't take it away from us? TIA.
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The government, but several developers were interested in the land at the height of the boom. It's excellent land.
[ Reply | Options ]The government is one thing(like building a highway,etc) and you can only stand your ground for so long IMO. As for developers either you sell, lease or sit. It's up to you. We've been through this for many years now. My mother owned a farm with her sister and one cousin that they all inhereted and now to all of us kids. A new bridge over the MS River was proposed to go on that site. It's a very slow process, but the government can't just take your land. Make sure the ownership is set up properly depending on other investestments, etc. You should involve an attorney and financial planner in the organization of it. GL
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OMG, my DH and I are going to inherit a 75 acre farm in PA and we've been talking about just this thing! Plus we have the added mixed blessing of having some natural gas on the property. I am freaking scared to death of ED, too, but i am increasingly confident that this will be less of an issue due to the need to preserve farmland. But we are trying to figure out now how to meet with a land use lawyer with DH's parents, who are extremely reluctant to make any changes at all to the current set up of the farm (they currently rent it out to a neighbor, who grows hay and oats, replete with Roundup everywhere.)
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