Legal Question in Wills and Trusts in Texas

LAND TRUST /Turned over to me in 2006/?Taxes to expect

My trust (consisting of a large piece of property in AG use only) will be turned over to me in 2 years. The trustees are family and they do not have any interest in helping me, more interest in hurting me, nor managing my trust. They must turn over the trust (Land) in 2 years. I am trying to prepare myself and learn what I need to know in general and about any taxes that will be expected of me if any. They refuse to help me and anytime I ask any questions they ask their attorney to write me so they can deduct what little money I put in the estate for taxes when I rented it for ag use to the remainder of the trust so they would not sell the property. Its been in a trust since 1993 when my father died. Testementary Trust to be turned over to me on my 45th Birthday. Can anyone help with taxes and what I need to expect.


Asked on 1/17/04, 8:17 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: LAND TRUST /Turned over to me in 2006/?Taxes to expect

Having an ag exemption means that the taxes are low due to agricultural use of the property. If the use is changes, the normal amount of tax is charged and "roll back" for the prior 5 years. This can mean a big bill! Do what you can to keep the exemption because the taxes will remain low as long as you don't change the use of the property. If you would like a complimentary telephone consultation to assess your future needs, please email me and we can set up a time.

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Answered on 1/18/04, 4:59 pm


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