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 - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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