Benjamin Franklin once said, “Nothing is certain but death and taxes” and yet while we all know they are inevitable facts of life and the price we pay to live, nobody wants to deal with either one.
This is a difficult blog for me to write—who wants to talk about death or taxes or to open old wounds. I had the amazing good fortune to come from multiple generations of family farmers and landowners. My great grandmother and her brother immigrated here from Ireland as orphans. They realized their American dream when they purchased their own pieces of land in northeastern Missouri, farmed that land and raised their children on that land.
I spent a great portion of my adult life and some of the best parts of my youth on those farms. I lived on that land, farmed that land, lived off that land and my wife and I raised four amazing children on that land. I have managed to hold onto that land against what sometimes seems insurmountable odds as crop prices increased and deflated, as crops failed with drought and as the market for farms has ebbed and flowed with the economy, and of course, as family often does, became an issue.
There is no easy answer. This is not an easy conversation. However, for the sake of your family, for your future generations it needs to be had. See an attorney, make sure that everything is written out, make a will. Have these difficult conversations. Be uncomfortable. You owe it to the future.
Best wishes. Good luck.
Drennan Bailey
About Drennan Bailey
Drennan Bailey, the President of Bailey Properties, Inc, is a St. Louis native with a lifetime commitment to land management and ownership. After earning his business degree from Westminster College, Drennan followed in the footsteps of his family, who have been in farming and ranching for over a century. His early experiences on his family’s Missouri farm fueled his passion for the land. A pioneer in no-till farming during the 1980s, Drennan has both brokered and personally owned thousands of acres. His expertise spans agriculture, ranch, wildlife, and outdoor recreation land sales. Drennan’s extensive network includes trust departments, banks, attorneys, CPA’s, farmers, and landowners. He’s facilitated transactions for clients globally. Married for 40 years, Drennan is a father of four and a grandfather of six, valuing family and tradition.
