DEAR BRUCE: I am looking for the best way to lease my commercial land. I am looking for the best tax advantages that I can take for many years. I have an offer from a restaurant to lease my land at the rate of $80,000 per year, with a 3 percent increase. The only problem is they want me to develop this land and make it pad ready. The construction estimate to complete this is $350,000. Is it worth my time to borrow money? -- Teresa, via e-mail

DEAR TERESA: This is far from simple. You mentioned that they'll pay you $80,000 with 3 percent annual increase. You haven't told me how much this land is worth in its present condition. In order to get the $80,000 deal put together, you're going to have to invest $350,000. That means that the first four years of income are going to go just to make this deal resolve itself. You also haven't addressed the problem of taxes. When they put up the restaurant, it will still be on your property, and it will affect your taxes on this piece of property. How much will that be? How long is the lease? How solid is the restaurant company proposing this deal? A lot of commercial property that was done on similar deals right now is in the dumper. The leasees have defaulted, and this has lead to some serious problems. Frankly, unless you need this money right now, my inclination would be to sit back or sell it outright. The commercial real estate business, as of this writing, is in its deepest trouble since the Great Depression, and even very knowledgeable investors are getting bloodied. An amateur such as yourself is in a very weak position. In the event that you wish to pursue this, you should consider hiring a consultant who has many successful years in putting together deals of this kind. I know it sounds simple, but they are extremely convoluted. At this point, it can be very risky.

DEAR BRUCE: I found two stock certificates for Phillips Petroleum among my father's papers. They have the names of his parents on them. I contacted ConocoPhillips, and they referred me to the current transfer agent, NYB Mellon. They said they had no record of the name and to check with the state unclaimed property department. There was no unclaimed account with the state. Is this the end of the story? I cannot believe that some record does not exist. The transfer agent listed on the stock certificates is Manufacturer's Trust Co., but they no longer serve as the transfer agent for the stock. Any thoughts? -- R.M., via e-mail

DEAR R.M.: Occurrences of people finding old stock certificates are pretty common. Many times, those certificates were reported as lost and long since were replaced. There are a number of companies that, for a fee, will do their best to find out whether these certificates have value. If you're prepared to pay the relatively modest fee, that would be the best direction to go. You should be aware that, as often as not, the stocks were replaced many years ago or possibly sold. However, hope springs eternal, and many times, the couple hundred bucks it may cost you will at the very least make you feel a little better about the transaction. Since they were in your dad's name, they make interesting keepsakes and certainly ought to be framed and hung.

DEAR BRUCE: Many years ago, while my wife and I resided in New York, we had a will made. Can you please tell me if this will is valid in Pennsylvania, where we currently reside? -- Richard in Pennsylvania

DEAR R.F.: The important information in your letter was "many years ago." It's entirely possible that this will is valid, but a will should be brought up to date from time to time, and, since you are now Pennsylvania residents and many things have changed, why not consult an attorney there, telling him or her what you wish to accomplish and get a new will drawn. The likelihood is that this will is valid. However, it is such a minor expense and, unfortunately, its validity will only be determined upon your demise. At that point, it's impossible to fix.