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?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 8 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.