The Forestry Forum
General Forestry => Ask The Forester => Topic started by: Scottymus on March 31, 2022, 04:50:50 PM
We have an 80 acre parcel in hardwood trees under the CRP program. As part of our estate planning efforts, we would like to place the property into an LLC. Is this allowed? I have asked the local FSA representative this question but haven't received a reply yet. I thought this forum my provide a faster response.
Thanks
I think it is better for you to put the property into a Trust. Having the LLC may afford the property better protection. Having both is my recommendation if this parcel isn't your homestead. I wouldn't put the homestead into the llc. because I think you could lose homestead exemption for your real estate taxes.
My expertise was in retail meat so take this advise as such. ;)
Yes, a Trust would probably be best for the 80 acres unless you have the property set up for commercial timber management business purposes. Then other regulations, especially for taxes, might kick in. You might want to check out the Forum's Timber Taxes Thread for information on Timber Taxes, etc.