Q: My dad owns a lot of land - he thinks it should be put into some kind of corporation for estate planning purposes.
Does this make sense?
A: Impossible to say without knowing a lot more about him, his property, his family, and his succession goals. Trust are more commonly used because of their flexibility in planning to minimize taxes. Corporations may not be useful at all for that kind of planning. He should contact an experienced estate planning lawyer in his area. It would be better for him to spend a bit now to be sure he's doing what he thinks he's doing. Otherwise his heirs or devisees may use up a large piece of the inheritance just trying to undo the mess caused by amateurs. Good luck.
A: There is no way to answer that question without knowing all the facts and circumstances of your dad and his assets, financial interests, spouse and other family members, tax situation, etc. He would have to consult with an estate planning attorney who can consider all the facts of his situation, and then provide advice based on those facts. He can use the Find a Lawyer tab to consult a local estate planning attorney.
A: It would probably be a good idea to put it into a trust.
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