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 - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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