Q: My husband and I are both on second marriages with children. We are buying famliy(mine) land from my parents and I want
to know if there is a way to ensure that my stepchildren can not ever inherit the land that I intend to leave to my children as it has been in our family for several generations.
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- Tennessee
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A: One way to accomplish this is to place the land in a trust during your lifetime. The trust can then be structured to continue after you pass in favor or your children and then your children's children, etc. Or you could place the land in a limited liability company that itself contains provisions for what happens when a member dies, and has provisions for keeping things in the family. But if the property keeps getting split into smaller and smaller shares owned by more and more people, that does get unwieldy over time. All of these things you should discuss with your estate planning attorney.
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