Sunday, December 11, 2011

Estate planning issue between siblings- how do we decide who buys father's home?

My father wants to sell his home since he is retired and no longer has income. My brother currenly lives there, pays no rent or bills (currently all covered by Dad), but mows the grass, and that's really all. Major repairs are also covered by Dad. I would like to buy the house, as would my sister. We both have the financial means to do so, my brother doesn't, but thinks the money will fall out of the sky.



Now that he wants to sell the house, brother thinks he's the logical buyer as he's been living there by himself the past ten years (Dad has lived elsewhere). Dad is ill, so whomever buys the house will likely have primary caretaking duties of Dad as well-brother doesn't want to do this.



How do we siblings decide who should buy the house? Anyone out there know of any way to figure this out? I don't want to fight with siblings. Brother is extraordinarily cruel and mean-spirited when backed into a corner, but Dad babies him. Any ideas on how to approach this?Estate planning issue between siblings- how do we decide who buys father's home?
AHH INTERESTING,HAD SAME PROB,IT'S REALLY UP TO DEAR OLD DAD,TALK TO HIM IF, HE IS STILL ABLE AND IS OF SOUND MIND.THERE IS A VICIOUSNESS WHEN IT COME TO INHERATANTS, I KNOW, YOUR BRO THINKS HE HAS RIGHT TO IT. MY ADVICE IS ,SEEK COUNSEL,NOW, MY BRO GOT THE WHOLE BALL.AFTER MY FATHER WAS MUNIPULATED IN TO LEAVING IT ALL TO HIM....SURE TAKE CARE OF THE HOUSE .YOUR THE BRO.TAKE A LITTLE EXTRA BUT NOT ALL...WATCH YOUR** SS GIRLS,BROTHER DEAR IS CRUEL, COULD TURN INTO 'BROTHER DEAREST'Estate planning issue between siblings- how do we decide who buys father's home?
Well the best thing is to get all involved into a meeting with your dad. and talk that is the only way to solve this. and the one that can buy it can do it i would think but i am not sure how your dad is thinking. its horrible but i have seen so many families broken apart because of wanting this and that before someone is dead. why can't you want and just decide amoung yourselves. i mean its someone that is got the means and the one that doesn't have money i guess hes out of luck and must move to a uso place or something like that. its hard when one is lazy and there is one in all families i know i have one of my sons lazy.
It sounds like the brother probably wouldn't cooperate in the sale of the house anyway. Your father should consider a reverse mortgage to get equity out of the house for his own purposes. If there's going to be hard feelings about it; the house should just be sold.
Sell the house through a realtor. Whomever has the money will buy it. Father will have to make arrangements to move out. If you and your sis do buy, it will be your decisions to take care of him. If not , your father can buy a condo and your brother can move in with him. If he doesnt want to take care of father, he will have to move on.

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