Using Family Land in Estate Planning
At Taylor, Ganson & Perrin, LLP our Boston estate planning lawyers help individuals and families with significant real estate holdings avoid the forced sale of family land after death. Families with significant real property will almost certainly be subject to estate taxes, especially if the property value has increased significantly. We can help people devise strategies that allow them to pay the estate taxes while retaining the enjoyment of the land. This type of planning, however, is best done as part of an overall estate planning process. It should not wait.
Each situation is different, and we cannot prescribe a universal strategy for preserving family land. Some of the mechanisms we have used are listed below. To discuss any one of them with an experienced planning attorney, contact our Boston law firm.
We plan using creative strategies to preserve family land.
Each strategy has benefits and negative consequences. Whether it would work in a particular situation requires extensive analysis of the goals and objectives of the client. For example, donation to a land trust should reduce estate taxes, while selling the land provides an infusion of cash into the estate. Other estate planning strategies have the effect of reducing family disputes or protecting the land from development. Selecting the correct mechanism necessitates a full understanding of the circumstances. Because our attorneys have been helping families with land issues for many years, we are fully aware of the possibilities that owning land presents.
We invite inquiries about using land in estate planning. Our Boston estate planning attorneys will travel to the site if that will give us a more complete understanding of the situation. Or, we can order an appraisal if that would be the best first step. Contact our Boston law firm, Taylor, Ganson & Perrin, LLP, to discuss planning with family land.