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Re: O.T. Legal Opinion??
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Posted by Mark - IN. on September 10, 2004 at 17:27:06 from (64.12.117.10):
In Reply to: O.T. Legal Opinion?? posted by 70 Mo on September 10, 2004 at 10:30:39:
Perhaps a "Living Will". Perhaps that"s not the correct term, but I"m not an attorney. Grandfather did something similar, and was told was a "Living Will". The farm is not left to anyone as an "inheritance", so they don"t get stuck paying "inheritance tax" on it to the government, or risk having the government seize it for unpaid taxes, or having the benefactors having to sell it off just to pay the inheritance taxes on it. My understanding is that a "living will" designates an "executor" to the will (ie: a son, daughter, friend, etc), and they can not sell it or anything like that, because they are an executor, not an/the owner. Should they die or something like that, then they have to pass it on as well, in the same manner, in a never ending chain of executors. And are no inheritance taxes paid to the government to cover the taxes that you"ve already paid your entire life. Again, I"m not an attorney, so ask your attorney. Leave your legacy and belongings to those that you love and "will" benefit from them the most, not the government. Ask your attorney, it may not actually be called "living will", but I think that you get the jest of it, and it happens similarly. Good luck, and congratulations on the first 70 years, perhaps another 70? Mark - IN.
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