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Deeding land to son

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blazesaki

Junior Member
My husband and I are planing on deeding five acers of land we own to our son when he turns 18. What i need to know is there any way we can do that so that he will not beable to sell it till he is 30. We want it to be an inverst ment for him. But we are afread he will want to sell it off and blow the money. Thank you.

Blaze
 


divgradcurl

Senior Member
blazesaki said:
My husband and I are planing on deeding five acers of land we own to our son when he turns 18. What i need to know is there any way we can do that so that he will not beable to sell it till he is 30. We want it to be an inverst ment for him. But we are afread he will want to sell it off and blow the money. Thank you.

Blaze
There are a couple of different ways to accomplish this; one way would be to deed him the land but with a condition. Another way, and perhaps a better way, would be to hold the land in trust. Either way, it would be adviseable to talk with a local attorney to make sure that however you want to do this, he can't bypass your wishes.
 
S

seniorjudge

Guest
divgradcurl said:
There are a couple of different ways to accomplish this; one way would be to deed him the land but with a condition. Another way, and perhaps a better way, would be to hold the land in trust. Either way, it would be adviseable to talk with a local attorney to make sure that however you want to do this, he can't bypass your wishes.
I agree and would strongly urge the trust route with a spendthrift clause; that will keep him from using the land as collateral for a loan.

This article has to do with MN law, but it gives you the general idea:

http://www2.mnbar.org/benchandbar/2002/aug02/aug spendthrift.htm
 

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