Asked in Real Estate Law, Tax Law and Environmental for Tennessee

Q: Would a trust or live real estate (lifetime dowry) be a better option?

200 acre farm . Friendly divorce. Both parents reside on farm in separate homes. Plan to survey 20 acres for each parent for sole ownership. Want the children to have the remainder of the land so no future partners can claim ownership. Parents plan to continue to pay taxes on land until children reach a certain age or our death.

1 Lawyer Answer
Anthony M. Avery
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  • Tax Law Lawyer
  • Knoxville, TN
  • Licensed in Tennessee

A: Absolutely hire a competent TN attorney to draft that future interests deed which might include a class gift remainder. Apparently you will need three enforceable deeds. Do not even think of a title co. Lawyer will need to draft three new legal descriptions from the survey plat, and not violate the rule against perpetuities. Tax advice is needed also.

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