If you leave environmentally contaminated real property to your beneficiaries they could have to pay to ensure the land meets environmental legal standards. Federal and State Environmental laws require that land owners to clean up at their expense environmentally contaminated land, regardless of when the contamination occurred.
A Family Painting Business Beneficiary left Bankrupt
In one recent case, a family with a painting business, including a paint store, ended up battling in Court over who needed to pay to clean up contaminated land caused by paint stored on the land. The paint store was left to one child; other siblings were given other property. The beneficiary of the paint store could not afford to pay for the clean-up so she ended up filing for bankruptcy to avoid paying for the clean up.
A Good Estate Plan Can Protect Beneficiaries and Property
A strategic estate plan will protect the interests of beneficiaries from unexpected costs associated with inherited assets, including remediation, taxes, and other miscellaneous expenses.