Best Way to Transfer Real Estate to Heirs

My wife’s grandmother own’s a rural property situated on an old quarry lake in Louisiana. She and her late husband acquired the property in the mid 1960’s as a place to get away from the city and enjoy the fresh air. It’s a very special property to us and will remain in the family for as long as any of us have the means to keep it.

The issue is that her grandmother is getting up in age and intends for the property to go to my wife and her siblings (4 total) upon her passing but recently she’s expressed a desire to remove herself from any liability that ownership of the property represents for her. My question is this. What’s the best way to transfer ownership of the property to the 4 siblings so as to minimize the tax burden to all parties?

My uneducated feeling is that she could set up a trust and assign them as the beneficiaries. Would this work? If so, what sort of tax liability would there be on something like this?

Another idea I had was for her to transfer the property to an LLC which all of the heirs are shareholders of.

Either way, I’m assuming that making the transfer before her passing is better than inheriting it and paying taxes on the current value?

Thanks in advance.