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What is the best way to resolve dividing an inherited property between siblings when:
One single (middle "M") sibling is not able to earn much and has physical and mental health issues and currently unhappily underemployed and has in the past been self-limited to part time low paying work. Entire assets consist of the portion of the property--only the 1/3 value of a family home about 150K-160K. This sister would love to have her own place if possible and is afraid of becoming homeless;
Another (oldest "O") sister is not involved but allows that same " challenged," sister to remain in half the house and pay utilities, insurance and tax along with a third (youngest "Y") sister (plus husband and family) who share with sister M in utilities tax and insurance costs. The Y sister and husband have an extreme burden because their children attend school in a different district and need to buy or rent in a neighboring town. Additionally it is not financially wise to share a property as they receive no tax breaks, no way to borrow on the house as is their agreement with the 3 sisters. no equity being built up, house needs work that's costly etc. Therefore it is their wish -after tolerating the situation for twelve years of loss, to separate the title and buy the property, perhaps leasing it out to build equity., and then buying a separate home. Sister O wants her 1/3 of house if bought out or sold. However all three sisters have concern over how the M sister will manage to live independently with the proceeds from the buy out or sale of the house. Sister M wishes to remain in the N.E. LA.. area where $150.K wouldn't be adequate to purchase her own place. $250K would be much better. Sister M has defaulted on two credit card debts several years back and it will take more time to get credit in order. Any ideas? ? ? Mine are only these for which I have little information on. Are there places where sister M can buy at $150K, and therefore not loose money to paying rent? Could sister M invest in an out of town home and rent it out to pay for a rental in N.E. L.A.?
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∙ 13y ago
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