Emily Plocki to present "Planning for Family-Owned Real Property: Implementing a Successful Generational Transition for Farms, Ranches, and Other Long-Held Family Properties" at the ABA RPTE 35th Annual National CLE Conference on May 11.
This presentation will focus on estate planning considerations for transitioning operating farm and ranch land as well as other family-owned real estate to the next generation. Topics that will be discussed are: (1) various estate and business succession planning considerations for clients with generational farm and ranch land, including a discussion of family management structures, sales to third-parties, and non-tax considerations including, but not limited to, balancing the transition between farming and non-farming children, (2) considerations surrounding the formal ownership structure and titling of the real property that is passed to the following generation, including, the potential pitfalls and issues regarding the common estate planning structure of passing property to children in equal shares as tenants-in-common, and (3) a review of the provisions under the Uniform Partition of Heirs Property Act and the preservation of a co-tenant's right in inherited real estate.
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