Valuable Farm Land

[danny]

Grandmother owns 33 acres in Vancouver WA that is farm land recently valued at 2.8million! Wants to pass the property to my referral who is the granddaughter but trying to reduce or avoid taxation. Property now in Family Trust. Looked into giving the property to the County and give the Gdaughter a life estate but gramma changed her mind. How could they avoid a gift tax? How to avoid excise tax in WA state? Could taking the property out of the trust and adding the gdaughter as joint tenant avoid the excise tax? Can they own jointly without gift tax? Sole interest is not selling the property, bought in the 60’s for peanuts, but keeping in the family to continue farming and maybe going to gdaughters nieces and nephew.

[alan-oniras]

Sorry, but your question does not appear to have any relation to the subject of this site, which is IRAs and retirement plans in general. Perhaps you should locate an estate planning discussion group. In addition, any answer requires knowledge of WA tax law, so you may not be able to get a complete response here.

[bsteiner]

The facts presented are not clear. Does grandmother own the property, or does the family trust (under grandfather's Will?) own it?

Grandmother should consult with tax/estates counsel, who can advise her based upon the particular facts and her objectives.