What happens when Beverly Rase, the owner of Kirby Hall School dies? First, the University of Texas which is always looking to expand will make the new owners (Beverly Rase's two children) an offer they cannot refuse ($10 million). Beverly Rase's children do not want to run the school. The school will close in the Spring. Beverly Rase does not pay property tax on the land or the school even though it is a long term real estate investment for her estate because the school is a non-profit. However, her children will inherit the building and land tax free (no estate or income tax). So much for all the concerned parents who are worried about their children and are donating to maintain and improve the property. The parents are not aware as Beverely has cleverly excluded them from the board. Look into it.
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