Yes and No. I hope that one of my children will be interested in keeping up what I started. If they do decide to do so - you can gift them shares of the partnership each year tax free using your federal gift tax exemption. Depending on the value of the land it is possible to gift it to them for free over the course of many years. As soon as you are confident that you do want to pass the land down you just start to gift shares of the land away to them each year with a written agreement that you retain the rights to use the property till your death. A long term lease will work for that. You can gift $12,000/yr tax free. If you are married and your wife is also a shareholder of the partnership, you can increase that to $24,000 tax free. But yes you are correct you would have a taxable event at your death. The tax man is coming one way or another. You can offset that one time with a generation skipping tax, but that will just mean your kids children will have to get creative.
Your other options are a trust, or even a life estate - but those are more complicated.
As to the taxes - it is very easy. Its just one form. You have a single asset, a single source of income which is a single check each year, and a two expenses - insurance and rent. Cost is negligible.