Posted by Mark - IN. on February 12, 2016 at 21:20:43 from (73.22.87.157):
In Reply to: Estate tax queston posted by rrlund on February 12, 2016 at 12:58:05:
One of my cousins inherited her grandfathers farm not on her mother's, my side of the family, but rather her father's side of the family...but that's not how they did it. To avoid inheritance taxes and stuff, they did a "living trust" or "living will" where she doesn't technically own it, but she is the "executor" or "legal caretaker" or whatever they call it. In essence, she inherited it and farms it and all, but the way its worded or whatever, it then gets passed down, passed down, passed down where none of them own it, but do somehow from Grand Pa, whose name it stays in or something like that. I haven't sat it up, but will do the same. That way it stays in the family, none of them get killed in inheritance taxes generation after generation.
Of course...talk to a Real Estate attorney, or maybe go to "LegalZoom.com" and click on the "Wills Trusts" tab if you want to do it yourself. Thanks for the reminder Mr. Lund, I need to do that sooner than later.
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