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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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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