Quote:
Originally Posted by MeredithMan
First, despite what you and/or your brothers might want, if your parents' name is on the deed, it is ultimately their decision. You can certainly try to influence their decision, but ultimately it's their call. I would also highly recommend that your parents consult an estate planning attorney, in the event they do not have one already. (Not a real estate atty who does wills on the side, but a true estate planning atty who is knowledgeable of trusts and estates). If your parents chose to keep the home for your and your siblings benefit, ownership could be transferred either while they are alive or after they are deceased. If they choose to sell the home and intend to pass on the remaining cash to the kids after they are gone, the estate atty can also help that happen via trusts, without things going to probate and being contested.
Just making the assumption that selling the house now will result in a pile of cash inheritance later is a bad assumption, unless it is handled properly via trusts. Example: parents sell the house and have the cash. Mom dies and dad remarries and decides to leave everything to the new wife. You and your brothers are SOL. Or, Dad dies without a will and the new wife fights you and your brothers for his $$.
If your family dynamic is such that you and your brothers and Mom and Dad can sit down and have an open honest discussion about what to do with the lake house, I would highly encourage you to do so, and then whatever the decision is, have an estate/trust atty write it up
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I think it makes perfect sense to help them sort it out. The parents are doing what they think is best for their children. If the children value the property more than the $$$ don't you think they should speak up and say no dad please don't give it up. They might need to sort out how they get them out of the hard winter if they decide to keep it. But I think it's smart to be involved and ask for options here.
My gut response is help them find a place in Florida for winters. It's not exactly pleasant in Winters near Boston either
Sometimes it can be worse than NH. Lot's of ice storms and Nor'easters might hit MA and miss NH. NH often gets the nice fluffy snow
Many winters we had more snow in MA than NH.