Legal Question in Real Estate Law in Nebraska

Re: Form Needed to Add Spouse to Farm Land

It will depend on how the land is held now and whether there are any encumbrances (liens, mortgages, etc.) on the property. If there are no mortgages and you are the sole owner, you can deed the land to yourself and your wife. You need to decide how you want the property to be held- either as "tenants in common" or as "joint tenants." In each the property is held by both parties, with the right to use and enjoy the entire property, not just half of it. But, in joint tenancy, the survivor of the joint tenants recieves the property on the death of the other joint tenant, while tenants in common pass their interest to their heirs or devisees under a will.

There are important tax considerations in the transfer of farm land, and the land is such a valuable asset both in terms of dollars and a way of life, that it is well worth your money to hire an attorney who is familiar with real estate law, estate planning and tax. Don't skimp! What you don't pay in attorney's fees now, you'll pay in lost sleep and worry, and possibly your wife or family will pay 10-100 times as much in fees, taxes and trouble. This is not an ad for myself either, as I don't keep up with estate tax and planning to handle your case. Look for an attorney who does wills, income and estate taxes etc. in your area. Ask your most business savy neighbors or an attorney you know for a recomendation. Good luck.