I recently met with a client with substantial farm land. The land provides income to the family and the client wanted to make sure it stayed that way for years to come. Can it be done? Is there a way to keep the land controlled by the family over multiple generations and prevent it from being sold?
Tennessee law has two powerful tools that can meet the client's wishes. First, we have trust law that allows a trust to remain in existence over 300 years. Second, we have trust law that honors your wishes - known as the material purpose of the trust - which when implemented must be honored by our courts so long as the purposes are not otherwise illegal (think immoral and against public policy - like encouraging divorce).
The key to such planning is understanding the difference between ownership and control of your land. This is a concept I'll cover in a future post. Just know this - you have multiple rights in your property. Use them wisely.
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