“I, _____________ (your name) , give the real property commonly known as and located at _________________ (property address), described on the deed as ___________ (exact description of the property as it reads on the deed), to Fertile Edge Community Land Trust for the benefit of Fertile Edge Community Land Trust, to further the purposes and objectives of the Land Trust in providing equitable opportunities to agricultural producers in the North Fork Valley.”
FECLT STRONGLY encourages you to work with an attorney anytime you are making changes to, or creating, your estate plan. Should you decide to craft your own or are curious what the gifting language might look like…
When evaluating what type of contribution to make, please consider:
In addition to speaking with an attorney and a tax preparer, owners considering these gifts should also talk to their children or heirs so that the family will be on board with the ultimate disposition of that asset as a donated property or below market rate sale.
Once you’ve made a decision what you want to do with your home – TALK TO YOUR ATTORNEY AND TAX PREPARER. It is vital that you talk to independent counsel who can help you make the best decision for you and your family.
If there is a mortgage on your property, you will need to contact the mortgage lender before you transfer the property ownership. If you have debt on the property, we need to help figure out how to best resolve that.
As you think about the different ways to give, and how can use your property, or other assets to help ease the intergenerational equity crisis – don’t forget to consider these points.
