A Long Lost Concept
 

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?

Re: A Long Lost Concept
 

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.

Re: A Long Lost Concept
 

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...

Re: A Long Lost Concept
 

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.

Re: A Long Lost Concept
 

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.

Re: A Long Lost Concept
 

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.

Re: A Long Lost Concept
 

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.

Re: A Long Lost Concept
 

Indeed.

Re: A Long Lost Concept
 

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...

Re: A Long Lost Concept
 

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

Re: A Long Lost Concept
 

It would be nice, we offered some land to all our children. Only one accepted. All he has to do is pay taxes on it. Our land, home, and vehicles are payed for. My husband plans to take early retirement in February.

Re: A Long Lost Concept
 

My grandmother is 97 and in her own home. This is only possible because she has 14 children to rotate times and be with her 24/7. Even then, it is a stressor on the ones who live close-by.

Re: A Long Lost Concept
 

It is hard for caregivers with some of our elderly. And I think it's a good thing we have nursing homes, and assisted living places, for those that can't take care of their loved ones.

Re: A Long Lost Concept
 

Sounds like wisdom has been part of the plan for a while now.

That's great news.

Re: A Long Lost Concept
 

I love the concept. I think I've asked you before if you've seen 'Backwoods Home Magazine'? A good one for your wife, if she shares your dream, is 'Mary Jane's Farm'. Tons of great info in both.

Re: A Long Lost Concept
 

Just got a mailing on that today. I would get it, but my wife is not big on the homesteading type stuff.

Re: A Long Lost Concept
 

I like countryside mag.

www.countrysidemag.com

Re: A Long Lost Concept
 

That's a good one.

Many of society's ills come from urban living and the demand it puts on the food supply, water supply along with the compacting of humans in one small place. Real life doesn't leave one bored. A city life does. The tight person per square mile ratio allows for the exploration of every vile desire on a wider scale as well as acceptance of the resulting lifestyles.

Re: A Long Lost Concept
 

Well, I might agree somewhat, but not entirely. But is it a good mag. ;)

Re: A Long Lost Concept
 

Digging4Truth...Great concept! But, how can this work with the "Big Government" concept that the Dems have established.

Work your tail off, acquire land, build a progressive farm, leave it to all the Kids..... and wait and see how much of it is left after their "Uncle Sam" gets through taking away his part.

God help us!!!! A thieving government, run by thieving politicians, voted in by ignorant voters! Yes, PLEASE...God Helps us!

Been Thinkin

Re: A Long Lost Concept
 

Part of the problem with generational wealth is the greed and general oneriness of some family members.

Not to mention when there are large numbers of offspring who have large numbers of offspring-- situations like this is a breeding ground for confusion and dissent.


When my Grandpa died, my Grandma sold off all their rights to the property in the country just so that she would not have to deal with our family members from Ohio, who apparently are an exceptionally bad crop of people. She divided her share of the wealth among her children and that was the end of it for my immediate family.

Not too many years after that, no one was paying taxes on the land any more and the land was taken by the govt and sold to someone who uses the acreage as their own private hunting grounds.


I wish she had kept it-- but humans can be so onery!

Re: A Long Lost Concept
 

It seems that inheritances bring out the worst in people. :) My mothers family are about as good as you get in people that get along and don't have a lot of drama. It seems that the death of a family member with a little land can bring that all tumbling down. :)

Re: A Long Lost Concept
 

My son got an interesting fortune in his fortune cookie the other day: "You will inherit an unexpected sum of money within the year". So I'm like :hmmm. Then my wife's fortune: "Your dearest wish will come true within the month." :uhoh And mine? "Welcome the change coming soon into your life." :runhills

Re: A Long Lost Concept
 

We're going to miss you Timmy.

I hope you were right about all the religion issues. :)

Re: A Long Lost Concept
 

:heeheehee

Re: A Long Lost Concept
 

I thought you might like that. :)