Most of my family are farmers. It's crazy hard work, requiring a massive amount of effort and know-how. Most of my farming relatives are better educated than me from a pure academic perspective.
Making a success of a commercial farm requires deep knowledge of the crop, the land, the weather and the local pests. Gone are the days of doing things the way your forefathers did things. Moreso if you actually want to be competitive in the market that you are producing for.
Please dont make the romantic mistake of thinking you will become this farmer and it's all sunshine and success. One bad crop (which could be because of no fault of your own) can mean financial ruin.
My advice: rub shoulders with the locals in the area. Maybe theres a farmer interested in renting your land and trees. Alternatively, appoint an expert to manage and run the farm for you.
Theres a certain romanticism associated whith owning land you inherited. But you have to be honest with yourself and look at the numbers. If it's not your expertise and the financials don't make sense you'll probably be better off selling the land.
My dad and I had exactly this conversation recently. He has some land that he got from his father, that he's renting out to the farming relatives. My dad's at the age now where he needs to plan for what happens to his estate. We looked at the numbers and relaized me and my brother will be better off selling and taking the money. In my country you are liable to pay hefty taxes on inheritance. Neither of us have the reserves to pay those taxes on a piece of land we have no idea how to run or manage. You inherit an asset that you are forced to liquidate in order to afford the inheritance taxes on that asset.
Making a success of a commercial farm requires deep knowledge of the crop, the land, the weather and the local pests. Gone are the days of doing things the way your forefathers did things. Moreso if you actually want to be competitive in the market that you are producing for.
Please dont make the romantic mistake of thinking you will become this farmer and it's all sunshine and success. One bad crop (which could be because of no fault of your own) can mean financial ruin.
My advice: rub shoulders with the locals in the area. Maybe theres a farmer interested in renting your land and trees. Alternatively, appoint an expert to manage and run the farm for you.
Theres a certain romanticism associated whith owning land you inherited. But you have to be honest with yourself and look at the numbers. If it's not your expertise and the financials don't make sense you'll probably be better off selling the land.
My dad and I had exactly this conversation recently. He has some land that he got from his father, that he's renting out to the farming relatives. My dad's at the age now where he needs to plan for what happens to his estate. We looked at the numbers and relaized me and my brother will be better off selling and taking the money. In my country you are liable to pay hefty taxes on inheritance. Neither of us have the reserves to pay those taxes on a piece of land we have no idea how to run or manage. You inherit an asset that you are forced to liquidate in order to afford the inheritance taxes on that asset.