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.

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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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