Question: My family owns 60 arces of land and while we'll never sale it how can we have the land make money?
My grandfather worked very hard to by the land to keep it in the family as a noble deed to his kids, grand kids and very future grand kids. We will never sale the land but being located in the Low Country of South Carolina (30 mins from Hilton Head and Beafort) what ideas do you have that can allow us to keep the land and make money legally?? Taking on serious responses.
Answer: The first thing you need to do is make sure you understand how the land is zoned. You should check with your local city/county government and find out. Is it zoned as commercial, residential, farm or resource land? Are there state or federal restrictions on what you can do with the land (i.e., potential wetland or wetland designation)?
Once that's done, I would recommend that you talk to a land use planner about potential uses and also to an attorney to set up a company such as an LLC (limited liability company) and/or a trust to administer the use of the land.
Once a piece of property is transferred to multiple heirs, it can be very difficult to keep a family member who wants to sell his or her share from doing so. Having an LLC or a trust could make it easier to keep the acreage intact.
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