Robin Katz wrote:Before I would ever consider willing property to a PEPer, they would have to show that they could keep the land running financially, which would mean some kind of a financial plan. I could easily see a scenario where someone shows up with no money, gets the land, then can't pay taxes and other bills and has to sell it.
They would have to show that they want, and can afford to live there at least 10 years. -my emphasis- . Affording to live there can be from their own resources, ongoing employment, or from a solid plan to make money from the property in a way that's in line with the ethics of the initial owner (me). Having a plan would benefit the PEPer too.
I'm not tossing cold water on this process. I find it's better to think through all the facets before making a move as big as this so that it succeeds. Unintended consequences are a real issue. With this type of ownership transfer, I can easily see myself as an Otis this path. ...And I now have the free time to help them succeed.
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