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Home > Looks like the deal is going through ...

Looks like the deal is going through ...

March 27th, 2014 at 09:51 pm

My very business-y brother has taken over the land deal, and so it looks like it's going to happen very soon. I'm kind of stunned.

I've been vague about it because I feel like the words could be search engine/spam magnet, and also because I feel so conflicted about it. But basically the deal would be granting right of way on my dad's unused land for a pipeline for a very controversial type of mining venture.

When I saw the deal was going ahead very quickly, I wrote a very friendly and trying to be neutral but still impassioned email to my brother, letting him know why I thought we should each donate a portion of our proceeds. He wrote a very nice note saying he would consider it and that he understood why I wanted to think about our kids and grandkids when we accepted money from this company. So I'm leaving it up to him; I've definitely convinced at least one sister to donate part of her proceeds to an environmental group.

My brother says the deal currently looks like $78K apiece. I am assuming I will send him $1000 for doing so much legwork, $750 to my third sister who's not taking part in the deal since she got just $75K on her related deal, $10K to an as-yet-undetermined environmental cause, and $20K to taxes (though there may be some loopholes if part of the payment is compensation for damages to the land?). Looks like that could leave $46,250 of straight profit. Just kind of a phenomenal number that could wipe out some of our current goals and contribute to our pie-in-the-sky goal of buying a new home without selling NT's flat. If we decide we can't wait and do need to sell his flat to raise some cash, it still accelerates our goals to an almost unimaginable degree. I was hoping for some windfalls this year, but I was thinking in the hundreds, not the tens of thousands!

We'll see. It all seems made-up so I'm not going to assume anything until I have the actual check in my hands. But my brother is pretty confident it's going through and that the only variable is what the exact number on each person's check will be.

12 Responses to “Looks like the deal is going through ...”

  1. Looking Forward Says:

    Excited for you and your family's likely windfall. I can understand your feelings about the source.
    Whatever the outcome, I know you'll put the money to good use. Big Grin

  2. My English Castle Says:

    Wow, though do understand your mixed feelings. Are you looking at real estate ads?

  3. creditcardfree Says:

    I'm sure that is a tough one, since the cash (regardless of the source) can do great things for your financial situation. I sure understand your feelings about being involved, but I think you are finding a good balance.

  4. Rachael777 Says:

    exciting scary news.. wow.. keep sharing.

  5. Another Reader Says:

    In your shoes, I would put the $10,000 you want to donate to a different use. To me this donation is no different than a company buying pollution credits so it can foul the water or the air. Everyone feels better, but nothing concrete is accomplished.

    I would probably apply that $10,000 to student loans with a goal in mind. The sooner you clear those debts, the sooner you all can be more flexible in your employment. Then you can donate your time and energy to environmental causes where your efforts could make a difference.

    I know first hand that you can accomplish a lot locally by doing the homework and organizing working groups to pressure local authorities to make environmentally responsible choices. The key is having the time to educate yourself and get involved. Clearing debt gives you more control over your time.

  6. TashaC. Says:

    I understand where you feel conflicted and I appreciate your concerns. Our planet is heading in a bad direction, one more step will be a drop in the bucket. I support that you have considered all angles and feel this is the best decision.

  7. MonkeyMama Says:

    IT's a gift. Why would you have to pay any taxes? Or are the taxes from the land sale being withheld from what is given to you? It's just if you receive the money, I don't know why you would be paying any taxes yourself. Unless the property is in your name or something like that.

  8. ceejay74 Says:

    Thanks everyone for your thoughts; I appreciate all the viewpoints and support. I do want to say that this land is in WVa, and I have no plans of ever living there (though I do love to visit), so I would never be involved in a local hands-on way in what's happening there environmentally. That's why I feel donating to a group that has the political and scientific expertise -- as well as the local presence -- would be the smartest way to combat the problem.

    MonkeyMama, from what I understand, we'll be getting paid directly by the gas company. I think my dad is gifting us the right-of-way rights for the land, but any profit we make from it we'll be on the hook for taxwise. However, my brother said maybe 50% of the payment will be compensation for damage so we may not owe taxes on that. I don't quite understand how that would work since the land isn't in our names, but he's got lawyer and big-money connections like nothing I've got, so I believe him.

  9. CB in the City Says:

    This is all pretty amazing! I was really excited when I found $7K in unclaimed money. I wouldn't know what to think about $78K!

  10. ceejay74 Says:

    CB, I know! Sometimes I forget for awhile and then remember and my stomach gets major butterflies at the thought of all that money coming at once. I'm just SO glad I've been in this community awhile and won't blow it all on extravagant wants.

  11. MonkeyMama Says:

    @Ceejay - that sounds extremely unusual. But, I more commented just in that I did not know that you had gotten any tax guidance. Thought maybe you were just assuming you'd have to pay tax.

    Congrats on the windfall!!!

  12. FrugalTexan75 Says:

    Wow! That's awesome news!

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