My uncle just died, has a real nice property in the country we built a nice home on nice garage, shooting range, group firepit, huge garden, tons of fruit trees. His daughter isnt planning to move back, and I assume his homestead exemptions on property taxes will be nulled. How does one keep a family property in the family without the massive real estate tax burden? The location is prime for the company I work for to put up a tower to penetrate an are we never have been able to get into. So there is the option for a small bit of revenue to the estate, but nothing like what the property taxes will probably be. Anybody ever deal with this type of thing and how to make it affordable to keep the home in the family. This has always been a gathering spot for the family and would be cool to hold onto. (Assuming the daughter decides not to just sell it) Is there such a thing as a family trust where family members can pay into for the recurring costs like taxes, utilities and property maintenance? I'd buy it, but my banker doesnt have that kind of sense of humor, besides I couldnt afford the gasoline to keep it mowed, let alone the real estate taxes.
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