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southern MN | Feel for both of you, double for your brother.
I think you would have to carefully document buying out your brother at market value to get out of this at this time.
You would be using your half as equity to fund his half so a loan would be possible, but yes this is a daunting expense and comes at a very high land-value time, so you will be paying top dollar for the other 1/2 of the land.
Lawyers may be able to set up some structure that protects you, but it will be complicated and there are often at least 3 year and 5 year clawback provisions in state and fedral laws at this time, where they can look back and say you were trying to avoid bills with such things. So, it would need to be bullet proof by someone _very_ up on these sorts of laws.
With the massive unknown of taxes and tax changes and healthcare going on right now, and the promise to tax rich folk (a 300 acre asset is going to look ripe for the picking....), it may be hard for a lawyer to outguess and write a bullet proof plan that would survive the changing laws? I suspect the clawback loopholes are going to be changed to get past current loopholes???
Perhaps you can divide it now with your brother, his half will go away, but you can save 150 acres for yourself at least, without too much trouble or risk? Better than a total mess and you having nothing left of it. Gives you some control of things.
Undived intrests are a problem, not your fault sounds like you tried, but it's difficult.
--->Paul | |
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