Tax minimization for land gift/sell

What is the name of your state?North Carolina. A distant, non direct, relative is interested in giving/selling me a tract of land, less than 10 acres. The relaitive bought the land about 20 years ago for $30,000. The land is now valued at $300,000. Could the relative sell me the land for the $30,000, pay real estate excise tax for the $300,000, but not have to pay a gift tax of the differnece between the $300,000 and the $30,000? Is there a way to set up a trust to elimante or lower gift or inhertance taxes? Any help very much appreciated. Smilie

[abezon]

Unless you pay FMV, your relative has to file a gift tax return. But s/he pays excise taxes only on the actual amount of money s/he receives from you. Unless you get really fancy, a trust won't help eliminate the estate taxes. (For example, a conservation land trust can lower the FMV of the land & lower estate taxes that way.) You'd have to see an attorney, because what you want to do with the land will affect the way any trust is structured.