Legal Question in Wills and Trusts in Kentucky

Re: Land Conservation2

Selling land for the consideration of $1.00 does not change the value. You essentially are making a gift of the value of the land minus $1.00. This can be captured by the gift tax. Right now, the first $2 million dollars of gifts and estates are exempt from taxation. In 2010, there is no estate and gift tax. In 2011, unless Congress acts, the estate and gift tax is revived and goes back to $1 million exemption.

As you can see, estate planning becomes complicated since this is just the briefest of overviews. If your estate (including the farm) is worth much, then investing in professional planning is a sound investment.

There are ways to convey property subject to restrictions. This is even more confusing than the tax code - even for attorney's. Setting up a trust is an excellent way to address concerns, but it is not the only way. An attorney versed in real estate law can get quite creative.