Legal Question in Wills and Trusts in Massachusetts
buying a share on willed property
My mother-in-law owns a waterfront vacation property that my wife and I are very fond of. Assuming the property is left between my wife and 4 siblings equally when she passes away, we are concerned that we will be forced to buy out everyone else's share since they rarely frequent it. Knowing the rising value of these types of homes, 20 years from now a buyout might be impossible. Is there a legal way for my wife and I to purchase a 50%+ ownership now at today's rate, offering the others the chance to buy in now or lose out. Even though they don't use the home, if it was just left to us 100% they'd flip out (probably because of the $$$)and wouldn't let us buy it outright because they assume my mother-in-law will be around for a long time, thereby increasing the value and their share. Any thoughts so that we don't have issues down the road?
3 Answers from Attorneys
Re: buying a share on willed property
Your mother-in-law can sell, deed or otherwise transfer you as much or little of her property prior to her death. If sold to you, I would make sure you pay a fair market value for the portion purchased.
There are also a variety of other ways to deal with the property and your mother-in-laws estate, should she wish to look at that as well. She could for instance, leave you the property and leave the others other assets assuming she has them.
Whatever is done, you need to contact an
attorney to assist because you don't want to create taxable gifts or transactions that can be and will be challenged by medicaid or your wife's siblings.
Please feel free to contact me without obligation if you need clarification of anything I have said.
Re: buying a share on willed property
If your mother-in-law were to consider discussing estate planning with an attorney she might decide there would be advantages to gifting property during her lifetime to lessen the impact of potential estate taxes for example. Of course you could offer to purchase all or any portion of her title to the property with or without her reserving a life estate to use it during her lifetime. You should discuss the specific possibilities with your attorney.
Re: buying a share on willed property
Yes. She can deed you a half share. Where is this property?
jim hall
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