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| Establish a Charitable remainder trust, the trust sells the farm. No tax. You and your wife enjoy greatly increased cash flow for life, as income stream payments are principal and interest. (As opposed to just cash rent in retirement, plus no more property taxes, further adding to increased cash flow.) Use a portion of the increased cash flow (the property tax savings alone could pay all the premium)to purchase a second to die life insurance policy of an amount equal the the value placed in the trust. The beneficiaries recieve tax free cash probate free. No fighting amoungst the kids, (note all the horror stories in this thread) everybody is happy and continues to get along. Can use a “per stirpes” (Latin term meaning by the branch or by the vine) clause on beneficiary designation so if a child should pre decease the surviving parent, their share would go to their estate.
Edited by Boone & Crockett 3/13/2019 05:36
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Considering changing Will. Getting rid of Undivided interest.
