|
Family
Janet Jones passed away and left her three children, Edward, Julie and Patrick, equal shares of the family estate on Martha's Vineyard. The estate, valued at $8,000,000 by Earth Asset in an IRS-compliant appraisal report used for estate settlement purposes, has a sizeable annual carrying cost. While the three children love the property, each has their own permanent residence elsewhere. They are torn over what to do, but agree that they cannot afford to own the property for very much longer as a group, and no one of them is interested in buying the other two out. They feel a sense of obligation to do the 'right thing' with the property, which may include some combination of conservation, subdivision, and sale. Their final decision cannot be made without better understanding their options, and the value implications associated with those options. A series of land planning and valuation analysis is needed, and Earth Asset can help. |
