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Minnesota | Obviously talk to an attorney about your intent and options for your situation.
You can set up some sort of ownership entity for the land (LLC, LLP, LLLP, etc) and gift ownership shares to your kids. You would need to create a member control agreement that dictates the rules and regulations corporation, buy-sell events, and other governance. For example, you can make it so that one member has first right to purchase the other's shares in the event of a sale. You could probably also establish that the members have first right to operate the property, also.
What happens if sibling and/or sibling's heirs want to farm the land? Are they out of luck? | |
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Lifetime farming privelages
