A land succession plan is a vital element of an estate plan where important value resides in real estate used in a trade or business or in family lands.
Orchardists, farmers and families often share a desire to see the land continue to benefit the family for generations to come. Since real estate is not as easy to divide as cash or corporate stock, special care must be taken to implement a plan to fairly pass a client's land to his or her beneficiaries in an orderly fashion. Moreover, special income, estate and gift tax savings opportunities exist in the context of land succession planning, such as like-kind exchanges, conservation easements and family limited partnerships.
Members of the Bowles Rice Team work with land owners to create land succession plans using trusts, partnerships, limited liability companies and other techniques.
We recognize the importance of input from all members of a client's financial team, including the accountants and financial advisors. We take a collaborative approach to land succession planning by leveraging the knowledge of these advisors to develop the best plan for the family and its land.
Articles & Alerts
- Trusts and Estates Alert, May 8, 2014