How best to transfer 5 acres of land from parent to child (gift or Will?)

sharkattack

Registered User
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21
Hi,

My mother wants to transfer about 5 acres of land to one of her siblings. She is wondering is it best to transfer it before she dies or put it in her Will. What would be the tax implication for her and her sibling who is getting the land for free. The land is farm land but she or her sibling are not farmers. It was land that she inherited herself (but money changed hands for it) years ago and its rented out ever since.
So would it be best tax wise to transfer it before she dies or not in terms of tax? No intention to build on the land or anything in the near future if that makes a difference.
 
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