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 - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
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