How arrange their affairs with regards to the land they own

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Reference no: EM133335182

Assignment:

There are three siblings. One is active in the farm, one is a student and has not yet decided what they want to become, and one is estranged from the family and has difficulties with drugs and alcohol. The parents own 5,000 acres of land and want to retire. They want to be fair to their children. The parents also want to derive an income from their assets for retirement. They have been leasing out 1,000 acres for a couple of years and farming the other 4,000 acres. They are certain that the income from the 1,000 acres will be enough for their retirement.

You are their advisor.

How would you arrange their affairs with regards to the land they own?
What would you do about their children?
What other steps would you take to ensure that your clients get their affairs arranged how they want them to be?

Reference no: EM133335182

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