[Desdemona]

Is there a law that says you have to sell property at market value? If not, your grandmother can sell the farm to her heirs at a bargin basement price and you will lose nothing. It just won't be passed on at death.

[Lady Heron]

My grandmother and father have gone over the laws every year with a lawyer. I think the goverment will do their own assesment of the land at the sell. I have not been in on the disscussions. I just know it does not look good because we have someone farm the land for us.

[wallcrawlr]

The IRS would come in and use market rate to impute a value. This isnt the way of getting around it.

[Tunehead54]

Is there a law that says you have to sell property at market value?

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Surprise! Yes there's lots! Fed Tax laws cover LOTS of situations where transfers are made in anticipation of death (2 or 3 years - I think.

Still Lady Heron should get some legal advice. Undivided interest in Life Estates can be given to the prospective heirs in amounts exceeeding 10K per person - its based on the Grandma's life exepectancy - best advice - get some ASAP - the sooner the better.