If my father owns 25 acres of agricultural land and we are worried about inheritance taxes when he passes, should I become a co-owner now?
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If my father owns 25 acres of agricultural land and we are worried about inheritance taxes when he passes, should I become a co-owner now?
He wants me to have it when he is gone. We are concerned about being able to pay the taxes involved in inheriting such a property. Is it possible to become a co-owner of the property now, so that it will just be mine when he passes, rather than inheriting?
Asked on July 7, 2015 under Estate Planning, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Yes, it's possible, but that will itself have monetary and tax consequences: if part ownership is given to you, that's a gift, and one very likely well over the annual gift tax exclusion; if you pay market value for it, you need the money, and then your father receives what may be taxable income; etc. You have the right idea--plan for this now--but need professional advice from both an attorney who does estate planning and a CPA to make sure you making the right choice.
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