Legal Question in Real Estate Law in Minnesota
Family Inheritance
My father owns a farm in Minnesota, remarried after our mother died. He would like to transfer ownership to the 3 grown children of his first marraige at his death, in the meantime he needs some income from the property. He does not want to sell the property to a 3rd party, because the wife would then inherit. There was a prenuptual agreement. Can the father quit claim the property to the 3 children and maintain living rights for himself to the farm? Can the children set up a trust and gift money to the father?
2 Answers from Attorneys
Re: Family Inheritance
Your father needs to see an estate planning attorney in Minnesota. He should be able to establish a living trust which holds the property for his benefit during his lifetime, and then passes it to his children at death.
Re: Family Inheritance
A lot of what your father may or may not do with this property could relate to what's in that prenuptual agreement, particularly if the farm is also the homestead. Spouses have rights to a deceased husband's homestead, but those rights are probably modified in the prenup.
I see the California guy suggested a trust. That might be OK, but an easier solution could be to transfer the land to you kids subject to a life estate which your father would retain. This can be done with a one page deed. It would be his to use as long as he lives, but then automatically transfer to you kids upon his death. Meanwhile, no monkeying with a the operation of a trust.
I would be glad o consult with you on this. My number is 952-544-6356
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