What is the best way to set up a building inheritance? 1 Answers as of April 17, 2011My husbands has 3 buildings it's in a corporation he would like to leave them to his kids in a will or would like to change to they names but was told the kid would have to pay back taxes is there another way to go about it?
Theodore W. Robinson, P.C. | Theodore W. Robinson
The best way to do this is to establish a Trust for each building and name each child the beneficiary of each Trust after he dies. That way, he can basically control the buildings during his lifetime and benefit from any profit from them while you and he are alive and then the children will benefit after he is gone. Back taxes will always have to be paid. Good luck.
Answer Applies to: New York