There is no good solution that I can see other than its their land to do with as they please. As the laws vary state to state I'm not sure what the life estate stipulations are in your jurisdicition or how it was carried out. I can see some really bad tax consquences though for the parents if they do it. Might make the property taxes look cheap after the IRS gets done.
My personal mottos are guilt has no place in business.
I'm seeing way more conflicts here than a piece of real estate. To me, the first step is to sit down with a LCSW and work out the family problems. Then sit down with an accountant and work out the tax issues. Last sit down with an attorney and work a way to untangle this mess. Business and families, and thats what these things become is families. What starts with one family and it all works out nice to multiple families with multiple beliefs and dynamics.
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