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In early 1987, decedent consulted with Mr. Shadle and Vince
Schulte (a certified public accountant practicing in Yuma County
who previously had done some accounting and tax work for the
family). Decedent had been considering selling her four parcels
of farmland to her grandchildren on an installment basis. During
his meeting with decedent, Jerry, and Mr. Schulte, Mr. Shadle
raised and further discussed with them the alternative
possibility of decedent's selling the four parcels to her
grandchildren in exchange for a private annuity.
Although decedent initially had been contemplating selling a
separate parcel to each grandchild, she was concerned that one or
more of them might later decide to sell their land to outside
parties. Of decedent's grandchildren, only Greg intended to farm
the four parcels. Decedent thus also indicated to Mr. Shadle
that she wanted those of her grandchildren still keeping their
parcels to have an option to purchase the land of any grandchild
wanting to sell.
Mr. Shadle then proposed to decedent that (1) the four
parcels be sold by decedent to her four grandchildren jointly in
exchange for a private annuity from them, but (2) the land
immediately be contributed to a family partnership the
grandchildren would establish to manage and farm the land. Under
this proposed family partnership agreement, the grandchildren
would each be granted reciprocal rights to purchase the
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