I would definitely recommend that you retain an attorney who specializes in real estate. There are several factors which you are concerned about, and you want everything to be nailed down as tight as possible. As to the "gift" option, some states have a pretty healthy tax on gifts exceeding a certain value, you may come out ahead by purchase and transfer of ownership. An attorney can advise. Also, you mentioned that the property is worth considerably more than you will be paying, this could become a sticky point in the future. I would think that it would be wise to have the other siblings sign legal papers stating that they have no objections now or in the future, otherwise, they as heirs could possibly file claim to their "share" of the inheritance when the parents are gone. An attorney can advise you there. No, I am not an attorney, and do not care to keep them up, but occasionally it is necessary to retain one. Just my thoughts.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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