My father was recently diagnosed with cancer. He and my uncle co-own 150 acres of farmland in upstate NY that was passed down via my grandfather, a dairy farmer. Since then, the barn has fallen down and the house has burned to the ground. There is viable income in the property. It's rented to a hunting cabin, it can be logged and there is a small quarry for decorative bluestone. There is also a significant amount of plowable land that could be rented out. My parents want us (me, my sister and brother) to decide what to do with it. None of us are farmers and only my brother still lives in the area. However, we'd like to keep it in the family at least, maybe build a cabin on it for vacations or rent it out to a farmer (if any of them still exist in NYS). I'd like to retire there and run it in the future. Just curious if anyone knows if we would incur significant estate taxes, inheritance taxes, etc when we do inherit it? Should they transfer ownership to us now instead of at their death to avoid any of this? Any ideas on what we could do with it until we can use it ourselves? Thanks.