Passing to the next generation

Started by FrankInWI, April 03, 2005, 06:17:55 PM

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FrankInWI

I have a small spot for a few years now.  About 3-4 years from retirement.  Pop camper put up for the season.  Right by 15,000 wildlife area.  I'm concerned that our nation has peaked and our children will find life a greater challange.  I want to be sure to pass on our "country place" on to my boys (my daughter is extreemly undeserving at the moment) unencombered.   They are good trust worthy sons.   My spouse is much younger, but being a persistant smoker with very dibilitary lung issues in the family, she may not even live long after I go.  
?? How do I transfer the country home to my sons (and I hope by then my daughter has gained some quality of life) so they have it for their lives, and families??  
god helps those who help them selves

Amanda_931

Put "AND" on the deed?

Or are you thinking more on the order of giving it to tne Nature Conservancy with your boys able to use it for their lifetime?

Talk to a lawyer about avoiding probate?


RayN

I think what you would like to do might be difficult.  If you just will it to you children,  they might not agree on the use of it - and it might be sold to settle things.  An estate lawyer is what you need to find.

I think you need to put it into a trust of some kind,  the land and some cash to pay taxes for awhile into the future.  You also need a trustee, some language like "use of your children and all their airs and airs to come".

Good luck,  if you find out something let us know,  I'd love my old farm to go to the future grandkids.