But there is another issue with inheriting property, specifically land/real estate. If the property has been used for a business involving petrochemicals, this can prove to become a major headache for heirs who inherit the land and decide to sell it. Businesses such as gas stations; vacant lots where chemicals have been stored and even dry cleaning stores may have significant costs to clean up the site designated as toxic.
On a grander scale there was a large commercial site that had to remain unleased/vacant until local and federal toxic clean-up guidelines had been taken care of – a wait of several years!
When devising an estate planning strategy, these issues should be discussed and remedies sought before inheritance problems surface.
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