I don't think you could unwind it, but if the parents were claiming a loss on their taxes and were to get audited the IRS may have some issues with it. And make no mistake, the sister wouldn't owe them a dime more.
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How much of an effect would this have on your parents' ability to take care of themselves financially whenever they need in-home or assisted living care?
It would be pointless - you don't know my parents (turns out, neither did I...). Apparently they do not like interference/advice of any type. We thought long & hard about getting more involved once we found out that a deal had been struck, but know that nothing we find out will make a difference, so why go thru the time, effort & expense. They will feel backdoored and blame any hard feelings on me. I think it was pretty clear that they don't want to hear anything from me on this topic.Quote:
Lawyers needed to be involved months ago.
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When 2 of the 3 parties are getting screwed,
schwack schwack said:Quote:
When 2 of the 3 parties are getting screwed,
That's just it.... parents don't feel like they are getting screwed - apparently they think it is "the solution". To them it means that they will have someone next door & help around there as they become unable to maintain things. We have been blunt trying to explain that this is really putting a huge encumbrance on them & the property, but they only look at "the solution" aspect.
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Unintended consequences
histag10 said:
I would still try to get lawyers involved, if for nothing else than to update their will to reflect these new changes. I can see it now. your parents sell your sister part of it now. They pass and current will is still in place, you and sis will split the piece of land that they still own 50/50, because there is nothing spelled out saying your sister already received her share prior to them passing.
Absolutely. I am sorry you are having to go through this, but I would like to see how it all winds up.schwack schwack said:
Still interested in updates as this unfolds?