Keeping Property in the Family with LLCs and Partnerships
Land is unique; there is no more of it being made. It’s for this reason families will hold tight to farms, ranches and coastal property for continued lifetime income, appreciation and, of course, sentimental value.
Estate planning professionals commonly see real estate pass through many generations — grandfather, father, children, grandchildren and even their own descendants — with little interest in selling or transferring property outside of extended families. Demographic changes that began in the middle of the last century have shown branches of these families moving away from ancestral homesteads to populate cities and to find professions apart from agriculture. Other families hold fond memories of annual family vacations at the beach or the mountains and want their children and grandchildren to enjoy the same with their families.
As estate planners, we may be charged with finding strategies that allow extended
