Can someone recommend a good estate planning / real estate attorney. The land mentioned below is in central Texas, near Round Top and I currently live in the The Woodlands, so looking for someone in area that can help answer the many questions we have and help us arrive at solution that preserves the value of this potential future inheritance.
My great grandfather/grandmother bought and owned about 175 acres of land (near Round Top, TX) many years ago (early 1900's) for not much money - I don't remember the amount, but let's say less than $100/acre - probably a lot less. They gift deeded about 105 acres to their daughter (my grandmother) and son in law (my grandfather) who lived on and farmed the land. At "retirement" age, they gift deeded the entire 105 acre farm to their daughter (my mother, an only child). My mother then gift deeded 1/2 to my father (probably a mistake). My mother & father moved to the farm to live there in their retirement years and to take care of my grandparents.
My grandparents have since passed away and my mother has since passed away leaving my father as the sole owner of the property. My father remarried about 13 years ago (no pre-nup). Prior to my mother's passing, my mom & dad had wills made with 100% of either of their property going to the other on their passing and my Dad's will states, if my mother is deceased (which she is), that all of his property is to go to myself and my brother, 50/50 - there are no other siblings.
My dad and his current wife got to the point last year that they could no longer live by themselves on the property. My dad is in assisted living and his wife is in an independent living retirement facility (not the same one). My brother and I have been cleaning the property up (cleaning up a couple generations of stuff is no small task) thinking we are going to eventually sell it.
My dad will probably not need the money from the farm to continue his current care - although I cant be completely certain of that. We would like to re-invest the proceeds from the farm after real estate fees and taxes, into rental property - probably a vacation type rental property that would generate income in the event he may need money in the future and we could always re-sell the property later if needed - but hopefully not.
The issue is what do we need to do to settle any claims (if any) that my dad's wife may have on the property or proceeds from the sale of the property? Will we owe her money after the sale. Should we offer her money and draw up a contract to settle with her. What other options are there? We've gotten no indication from her that she has any designs on or expectations of payment.
The other issue is how best to deal with this from a tax perspective - to pay the lowest taxes possible.
My great grandfather/grandmother bought and owned about 175 acres of land (near Round Top, TX) many years ago (early 1900's) for not much money - I don't remember the amount, but let's say less than $100/acre - probably a lot less. They gift deeded about 105 acres to their daughter (my grandmother) and son in law (my grandfather) who lived on and farmed the land. At "retirement" age, they gift deeded the entire 105 acre farm to their daughter (my mother, an only child). My mother then gift deeded 1/2 to my father (probably a mistake). My mother & father moved to the farm to live there in their retirement years and to take care of my grandparents.
My grandparents have since passed away and my mother has since passed away leaving my father as the sole owner of the property. My father remarried about 13 years ago (no pre-nup). Prior to my mother's passing, my mom & dad had wills made with 100% of either of their property going to the other on their passing and my Dad's will states, if my mother is deceased (which she is), that all of his property is to go to myself and my brother, 50/50 - there are no other siblings.
My dad and his current wife got to the point last year that they could no longer live by themselves on the property. My dad is in assisted living and his wife is in an independent living retirement facility (not the same one). My brother and I have been cleaning the property up (cleaning up a couple generations of stuff is no small task) thinking we are going to eventually sell it.
My dad will probably not need the money from the farm to continue his current care - although I cant be completely certain of that. We would like to re-invest the proceeds from the farm after real estate fees and taxes, into rental property - probably a vacation type rental property that would generate income in the event he may need money in the future and we could always re-sell the property later if needed - but hopefully not.
The issue is what do we need to do to settle any claims (if any) that my dad's wife may have on the property or proceeds from the sale of the property? Will we owe her money after the sale. Should we offer her money and draw up a contract to settle with her. What other options are there? We've gotten no indication from her that she has any designs on or expectations of payment.
The other issue is how best to deal with this from a tax perspective - to pay the lowest taxes possible.