Posted by DLMKA on November 02, 2021 at 08:16:58 from (34.99.92.81):
My uncle is nearing end of life and still owns the house and part of the farm my grandparents bought in 1946 after he got back from WWII. The barn burned down years ago and most of the other buildings are in disrepair or not very useful. House hasn't been remodeled or updated inside since the 60s probably but it's got newish siding, windows, and roof. Water heater, and boiler for hot water heat are relatively new and my uncle added air conditioning a number of years back. The structure of the house is good but need some work inside.
Uncle was never married, has no kids and my mom is the only surviving sibling and she lives about 7 hours away as well. My brother lives about an hour away. It's located north of Minneapolis about an hour with easy access to I35 just to give a reference to location. It's close to St Croix River access and several good fishing lakes but not ON a lake. Less than a mile to snowmobile trails as well.
I have lots of memories of staying here as a kid. My dad farmed the tillable after my grandpa passed and I spent many weeks in the summers with my grandma and uncle so I have some sentimental attachment to the place.
My thought is to use some equity in the property to remodel the house and make it look nice but still remain simple in old Norwegian family farmhouse style. Add a patio in the middle of the circle driveway with a fire pit and place to entertain. The house could easily sleep 8 with 4 bedrooms. Currently has 1 bath but part of the remodel would be to turn a storage room on first floor into a second full bathroom. Thinking it would be a nice airbnb or short term rental unit and give my siblings and I a vacation place that is "up north" and especially as our kids get older and eventually move out and start their own families they would have a vacation house at a multigenerational family farmhouse.
Would the best mechanism for this be to put the property into a trust? My mom is named in his will. I haven't really talked to my mom about it, she's stressing out enough about losing her only surviving sibling and has her own health issues as well. Figured I ask the brain trust here what the best way is to keep this property in the family.
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