Bison I am in the same sittuation you are in. I am 61 wife is 58. We are financially ok, but don't want the responsibility of being in charge of our farms any more. I feel guilty for not wanting to farm anymore, but more guilty for having thoughts of selling the family land. There is only 2 twin granddaughters- 5 years old-left for us to give our estate to. They will be city girls who will want the $$$ and not the land. Also I don't want to hold it together until they are 18 or 20 to decide. I feel guilty for that also. All my life I have operated under the philosophy that we are to add to our net worth every year, never take out for pure enjoyment. I feel guilty for that also. All I have ever done is work, don't know how to hunt, fish, etc. I feel guilty if I am not onto something that is beneficial to make $$$.
I work on breaking these feelings every day. I have come to the realization that we have enough $$$ to get there on, but if we work and make 2 times the $$$ to get there on, we are not going to be afforded 2 times the years to enjoy it. So I work harder on feeling that I deserve to see another side of life besides work everyday.
As for as the taxes we built a new motel and bought another one in 1998. Ran them until 2008. Buyer came along with a good profit, we sold them. Friend of mine said just think of the taxes you're going to pay on this sale. That sort of set me enjoyment of the sale on the back burner for a couple of days. I reasoned the tax situation out this way---we could not sell the motels and not have to pay the taxes or we could sell the motels-pay the taxes- get on down the road and better enjoy our life of being full fledged farmers again. Sold the motels- paid the taxes and never looked back. Don't know how my life will play out at the end, but going to work like a short legged mule to get rid of the guilt.
Look into selling the farm and financing it whether it be all or a percentage with the rest down to help finance your new life. Whatever decision you make I wish for you the best. Also always remember there are a bunch of us farmers who are in the same position, a lot of us just keep on keeping on and the dreams and hopes of a better life fade away with age. God bless!!
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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