A Long Lost Concept

[Digging4Truth]

The concept of "the family homestead" is one long lost to the past in most peoples lives.

I can't say how successful I will be but I would like to bring that concept back into being in my own family.

The loss of "the family homestead" has caused, IMO, the loss of many other opportunities that we no longer have.

1. Mom & dad are shipped off to the nursing home when they get old. Why? Because we've all moved off and gotten our own lives.

2. Very few people build generational wealth anymore. Each generation has to start over building their own wealth because they leave their parents wealth behind to begin again and then just sell off the homestead for quickly spent cash when they die.

I need a few more acres but I plan on passing on an acre or so to each of my kids who want to make this their family homestead. When I am dead and gone they will have to figure out how to divide what is here and I hope they build their lives here too. Maybe they can buy a few more acres to give to their kids and as each generation passes on more land or homes become available to generations coming along.

If the family could keep the homestead concept going then, over the years, wealth is accumulated because of kept land... continual upgrading as needs arise... little need to "start over" but, rather, use what is there.

I have a lot more study to do on the subject but I think it would serve us well to give it a go and the kids seem keen on the idea.


Thoughts?
Suggestions?

[ILG]

Originally Posted by Digging4Truth

The concept of "the family homestead" is one long lost to the past in most peoples lives.

I can't say how successful I will be but I would like to bring that concept back into being in my own family.

The loss of "the family homestead" has caused, IMO, the loss of many other opportunities that we no longer have.

1. Mom & dad are shipped off to the nursing home when they get old. Why? Because we've all moved off and gotten our own lives.

2. Very few people build generational wealth anymore. Each generation has to start over building their own wealth because they leave their parents wealth behind to begin again and then just sell off the homestead for quickly spent cash when they die.

I need a few more acres but I plan on passing on an acre or so to each of my kids who want to make this their family homestead. When I am dead and gone they will have to figure out how to divide what is here and I hope they build their lives here too. Maybe they can buy a few more acres to give to their kids and as each generation passes on more land or homes become available to generations coming along.

If the family could keep the homestead concept going then, over the years, wealth is accumulated because of kept land... continual upgrading as needs arise... little need to "start over" but, rather, use what is there.

I have a lot more study to do on the subject but I think it would serve us well to give it a go and the kids seem keen on the idea.


Thoughts?
Suggestions?

I have thought about what you wrote for many years. It is a nice idea, however, it's reality only goes so far.

For example, shipping a parent off to a nursing home.....a person might be able to care for their older person while they are still in the stages of needing assisted living, but by the time they need nursing home care....they may have serious dementia of some need that makes it impossible for the family to care for them. A happy medium of believing that you will care for your parents as long as you can is, I think, the best thought possible.

Generational wealth is a great idea, but again, it only goes so far unless you have great wealth. Many parents give their kids money for a down payment or whatever....it comes in different forms rather than a acre. How much is an acre worth? $3000.00? Selling off the homestead may be used for down payments for the kids or for college. None of that is bad.

[Sister Alvear]

Just glad we took care of mother to the end here at home she had a horror of being put in a nursing home. God SMILED ON HER AND GAVE US THE NEEDED HELP...She was very sick...

[Digging4Truth]

Originally Posted by ILG

I have thought about what you wrote for many years. It is a nice idea, however, it's reality only goes so far.

For example, shipping a parent off to a nursing home.....a person might be able to care for their older person while they are still in the stages of needing assisted living, but by the time they need nursing home care....they may have serious dementia of some need that makes it impossible for the family to care for them. A happy medium of believing that you will care for your parents as long as you can is, I think, the best thought possible.

Generational wealth is a great idea, but again, it only goes so far unless you have great wealth. Many parents give their kids money for a down payment or whatever....it comes in different forms rather than a acre. How much is an acre worth? $3000.00? Selling off the homestead may be used for down payments for the kids or for college. None of that is bad.

How far it will go would definitely rest on how "sold out" everyone is to the process. (Speaking mostly of the generational wealth portion).

These things always pivot on everyone's desire to follow the concept through. I might find a way to tweak the inheritance conditions to favor those who are willing to keep the homestead in the family.

[Digging4Truth]

Originally Posted by Sister Alvear

Just glad we took care of mother to the end here at home she had a horror of being put in a nursing home. God SMILED ON HER AND GAVE US THE NEEDED HELP...She was very sick...

Yes ma'am.

It is a hard and selfless row to hoe. I am pleased that you were able to accomplish this for your mother and for yourself.

[RandyWayne]

Unless your an only child the family homestead concept simply doesn't work. I have a father in law who is being talked into putting his acres (has over 500) into a family trust that "everyone will have a say in how it is used", and the only thing this will accomplish is to make a bunch of lawyers rich. And of course the one talking him into it is the son in law who cheated on his wife and ran his farm in bankruptcy (but wants to continue farming!). We will NEVER farm but neither are we willing to simply give our inheritance to someone who will not use the land for anything other than to lose money yearly.

[ILG]

Originally Posted by Sister Alvear

Just glad we took care of mother to the end here at home she had a horror of being put in a nursing home. God SMILED ON HER AND GAVE US THE NEEDED HELP...She was very sick...

I think that is wonderful. However, I would not judge someone who put their parent in a nursing home......many do it with great guilt, wishing they didn't have to. Some will say "have to" is relative, but everyone has to choose for themselves. I will try to care for my parents as long as I can and hope to until the end, but I will not promise that when I am not sure what the future will bring.

[Digging4Truth]

Originally Posted by ILG

I think that is wonderful. However, I would not judge someone who put their parent in a nursing home......many do it with great guilt, wishing they didn't have to. Some will say "have to" is relative, but everyone has to choose for themselves. I will try to care for my parents as long as I can and hope to until the end, but I will not promise that when I am not sure what the future will bring.

Indeed.

[Sister Alvear]

so true...decisions sometimes have to be made for the best interest of the person...as \i said my mother was blessed she had a stroke here in many ways my sisters could not have cared for her like I did for I had many church people that helped...my sisters would have had no choice...she had someone with her day and night for 10 months...that included both feeding her and bathing her and keeping diapers clean...it was a tremendous blessings God gave her and me however under the circumstances my sisters could not have done it...they loved her just as much as \i did but it just would have been impossible...

[Sister Alvear]

and my friends from both sides of the world helped...