anyone have land in trust or dividing land experience

I'm trying to get a list up of everything that needs to be covered and discuss with a lawyer...anyone have experience with this with their family land, what to look out for in taxes etc...

Maybe like to run by you what I'm thinking and hear what you have done.

Thanks

There are companies that specialize in dividing estate property. Considerations include timber, road frontage, water, tilleable vs forested land etc..... There is actually more to it than I would have guessed. We hired someone to divide property and then basically drew straws.....IMO it isn't cheap, but it is probably the most fair way to divide property.

I would talk to a trust and estate attorney. This stuff gets complicated, and I certainly don't pretend to understand it. This is one area where it is best to spend some money. I do know things get much more expensive later if it is messed up now.

I went through this about 2 years ago. I can tell you this if you can keep the land together in a trust your taxes will probably be cheaper, I wish we would have known this before it was divided.

Better check local zoning laws also. Some counties forbid land dividing based on size of parcels and minimum road frontages. A good attorney local to the land area will know this stuff and that would be the way to go.

Another oprion is an LLC. The property remains in the llc and the members change accordingly. Members have rights to certain parcels of the land. That way it never changes hands and tax man cant grab his piece of the pie.

Yes we are going to a lawyer but I'm trying get a good list of options up and try and help my grandparents with what will be the best, and kind of have a plan to present to the lawyer and see if it will work. The attorney the family has used for so long has basically retired.


What I was hoping was to have a trust added to keep the property whole (which needs to or we'll be hit with big tax bill for breaking covenant) then after they are gone it will all stay and then if we all together decide to sell we could. I live on the property, now and want to keep it in the family, my grandpa would like for it to stay also and have if other grandkids would like to build on the land. Just what is causing this is my grandmother has heard that now if you go to a home and you do not have your will updated and land set up 5 years pior they can take it etc...they have another piece of land that was what they were going to use to sell if they ever needed extra money, but they want that to go to another family memeber. I've kind of got an idea of a plan I would like to tell them and then see with the laywer if it will work and taxes wise...if anyone would like to hear it, I'll lay it out and you can tell me what you think.

IDK... But my Dad and Uncle have an undivided equal interest
on my Grandparent's estate..

My Uncle lives there and they split the taxes so there will be a "homestead" on the property..

It's a mess.. No lines... no who gets what..

Guess they should have sold it during the "so-called housing boom"?

GOOD LUCK WITH THAT ONE.. IT WILL BE A MESS..