The Inheritance You Don’t Want

I have written previously about inheritances that can cause problems for heirs. A case in point is when an investment property costs more to maintain than its rental or sales value.  Basically the inheritance has a negative value. However, if the property is bequeathed equally to siblings (to give a simple example) and one wants to sell or rent; and the other does not, then the inheritance can end up costing each of your heirs a monthly “shortfall” of income.

But there is another issue with inheriting property, specifically land/real estate. If the property has been used for a business involving petrochemicals, this can prove to become a major headache for heirs who inherit the land and decide to sell it.  Businesses such as gas stations;  vacant lots where chemicals have been stored; even some farmland  and dry cleaning stores may have significant costs to clean up the site designated as “toxic” by local or federal standards.

On a grander scale there was a large commercial site that had to remain unleased/vacant until local and federal toxic clean-up guidelines had been taken care of – a wait of several years!

When devising an estate planning strategy, these issues should be discussed and remedies sought before inheritance problems surface.

Working to Preserve Your Wealth and Protect Your Future…in a Constantly Changing World

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About Attorney Barbara Ann Dalvano

Attorney in Denver, Colorado with extensive practice experience in the areas of Estate Planning, Wills and Trusts, Business Succession Planning, Probate, Contract Law.

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