[Patricia M.]

My father died in April 2008. My Mother is almost 80 years old, with health problems that can still be managed by her children, without the use of paid sitters. She has her Will made out to leave the homeplace to myself and my 2 brothers.

1. One son will inherit approx. 3 and one half acres of cleared and fenced in pasture land.

2. One son will inherit:
(a) Approx. 4 and one half acres of cleared and fenced in pasture land with:
(b) An approx. 2,500 square foot concrete block, concrete floor barn. The "barn" is approx. 40 years old and was once used as a building for a custom cabinetry business owned by my father. All machinery has been sold, all wiring has been removed. It is used for storage only. (c) An approx. 900 square foot wooden workshop. The "workshop" is approx. 20 years old, and it includes a couple of table saws, a large air compressor, a small office and various hand tools. (d) An approx. 1,000 square foot 1 car garage with a carport, that also has a 3 bedroom, 1 bath, living room and a small eat in kitchenette apartment on 1 end of the garage. It is approx. 40 years old.

3. One daughter will inherit approx. 1 acre of land with a 1500 square foot house, including it's contents of medium priced furniture, etc. The house is an approx. 50
Years old "wooden ranch style". It has 3 bedrooms, 2 full bath and 1 half bath, eat in kitchen, living room and laundry room.

My questions:
1. What is the most economical way for my mother to pass these properties on to her children?
2. Depending on your answer to question #1, what legal steps should each child be aware of and prepare for, ahead of time?
3. Should each child hire a lawyer to handle their own interests, or will the Will itself be all that is necessary to serve my Mother's wishes?
4. What type of expenses will each child be responsible for, according to their own inheritance?

All of the above properties are completely paid for and will be honored, unless prior to her death, physical and elderly care, small debts and Medicare takes it all. My Mother has a prepaid funeral policy and her grave site is already paid for, too.

Thank you for whatever advice you can give me. Sincerely, Patricia M.

[Patricia M.]

The assesed value of Mom's property is approx. $215,000.00

[ScottGem]

I would suggest consulting with the attorney who made the will or an estate planner. This is a complex issue that should have the benefit of an expert to analyze all the factors.

Some general issues. If Mom transfers the property now and then needs long term Medicare care within a less than 5 years. The transfer may be voided as hiding assets from medicare.

So the will may be the best way. If the property is transferred under the terms of the will, then the heirs would only incur taxes if and when they sell the properties. The properties will be appraised at the time of death and that will become their cost basis when they sell.

[Fr_Chuck]

First it is your moms wishes, not how much mone may or may not be saved by each child that is your mothers problem.

Second, the will will stand as valid unless one of the listed heirs or some other heir not listed challeges it.

For example lets say one of the sons, does not like his "cut" he may challee the will on various grouds if he wishes.

If all of the kids work together and don't fight, then one attorney to do the probate when mom dies is all that is needed. If they don't get along, each will need their own attorney.

As for now, MOM should have an attorney review the will and see if this is the best for her.