I am to inherit land that has been in my family for years- is it better to inherit, have it transferred to me over a # of years, or maybe a trust?

My parents own a farm that is willed dto me and my sister. Both parents live at home still. I am a nurse and here stories about long term nursing centers taking homes and land. The estate is at least a million$. What is the best way with regard to taxes, nursing homes etc. to inherit and have the land to pass on to my daughter?

Asked on June 26, 2009 under Estate Planning, Tennessee

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

An estate like this deserves some serious planning, and the details will have to depend on quite a few facts as far as everyone's situation.  If your parents are willing to talk about this, and your sister is in agreement with your concerns, it would make a lot of sense to consult with an experienced attorney in estate planning, and probably a CPA as well.  One place to find a qualified lawyer is our website, http://attorneypages.com

Another alternative would be to wait until you actually do inherit the property;  at that point you'd still need your sister's cooperation, or you could sell the farm and do your own estate planning with your share of the proceeds (and any property you bought with the money).

However you go about this, you'll need to have the estate plan reviewed every few years, because Congress tends to change the laws fairly frequently.


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