I cannot answer all your questions with precise authority, but I have been researching a similar plan for a while and here's what I have found: Definitely talk to a lawyer about putting the land in a trust. This way it passes on to your children (or trustees) without inheritance tax, and remains intact. As for additional dwellings, it will totally depend on the town/county where you purchase the land. They all have their own rules & restrictions. However, one thing I've found that seems to be consistent is that you can build additional dwellings on your land where additional homes might not be allowed, as long as they're classified as "outbuildings." Meaning, not a legal 3,4,5, home property....maybe a 2 home property with 3 outbuildings. But, again, rules will be specific to the exact location.