Establish property records and record real estate transactions within Hennepin County. A gift of land may qualify you and your heirs for reduced income, gift or estate taxes and reduced capital gains taxes.Generally, the following basic elements are included in a will: • Your name and place of residence;. Hennepin County has reached a significant milestone we've effectively ended Veteran homelessness! A city sells property to an individual on a land contract and the transfer return is filed using Exemption 2. A charitable trust is used to make donations and realize tax savings for an estate. Typically, you transfer property, such as art or real estate, to a trust.