Legal Question in Wills and Trusts in Illinois
My father-in-law has created a trust through an estate lawyer for his 360 acres of farmland that is to receive 6 wind turbines in Illinois. My husband has 5 siblings. I believe my father in law has heired the farmground to his children and his grandchildren excluding spouses as their have been divorces among the siblings. The trust is set up to divy up the income off the 360 acre farm lease and wind turbines. If one wants to sell . . . family has first choice to buy at appraisal value.
Question: We have been married for 35 years, have 2 children, and are wondering if my husband can make me heir, then heir to my children in case he dies first, prior to mine (needed for retirement).
In addition, we used to farm the family ground for 26 years. We were able to buy an additional 40 acres throughout the years. Father-in-law kept us from buying more or renting more (we farmed 1500 acres in all). We got out when the going was rough 8 years in a row. . . but not in debt or bankruptcy and his father-in-law understood.
QUESTION: Is there a way we can claim any of this land?
We are thinking about buying 36 to 70 acres if he will let us prior to his death so we get a better deal than what the land would be appraised at since we did farm it and need it for retirement and are looking for a way to present it to him.
QUESTION: Do you have a suggestion?
His father is 86 years old and his mother passed away last week. We will get final plans of the wind turbines in December or January so we don't really know what acreage to buy from him. He could go downhill fast.
QUESTION: Do you have a suggestion?
We are thinking about using our IRA as an Alternative IRA for purchase of some of the ground. We have $100,000 earning 5 and 6% in a bank. Earned income is down $20,000 to $45,000 this year.
Question:
1 Answer from Attorneys
RE: "if my husband can make me heir, then heir to my children in case he dies first"
If your husband dies after your father-in-law, he may be able to leave his interest in your father-in-law's Trust to you, depending upon if that power is specifically granted to him by that Trust. If you have a copy of the Trust, a lawyer can review it for you to tell you if that power exists as the Trust is presently written.
RE: "Is there a way we can claim any of this land?"
Did you receive compensation for your efforts in tending to your father-in-law's acres? If not, then you may be able to lodge a claim against his Estate and Trust for your efforts. If so, then such a claim would likely be unsuccessful.
RE: "We are thinking about buying 36 to 70 acres if he will let us prior to his death"
This is an obviously delicate proposition. I recommend that you get an attorney to represent you in this endeavour and that your father-in-law's estate planning attorney be involved in any proposed transaction from the beginning. The last thing that you want is for other family members to accuse you of manipulating your father-in-law in his current condition. Not only could this destroy family relationships, but it could result in monetary damages.
RE: "We will get final plans of the wind turbines in December or January so we don't really know what acreage to buy from him. He could go downhill fast."
These problems could be minimized when your father-in-law has engaged the full assistance of his attorney, and when you are similarly represented.
Feel free to contact me if you'd like to discuss any of this further.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
