Parents wanting to leave $1M home to sibling

[Anonymous]

Anonymous wrote:My parents did the same and they are deceased so my brother and his family are living there now. My other brother and I don’t care. We have done very well financially while our brother has not so it’s nice that our parents could help him directly. Also, neither of us live anywhere near there and have no desire to have the house.

your parents did not “do the same”. your situation bears no resemblance to OP’s.

[Anonymous]

Anonymous wrote:No one owes adult children anything.

Of course not, PP. But along the same lines, children don't owe their parents either. You reap what you sow.

[Anonymous]

I would suggest that the parents create a limited liability company (parents as sole members) to hold title to the house.
Ownership of the LLC goes to the sisters upon death of last parent to pass. Sisters can decide if they want to sell the house, continue to share it, or, if one sister wants to retain ownership while one wishes to sell---there can be a buy/sell in the LLC agreement which provides that the party desiring to sell needs to name a price at which they would either a buyer or seller be. Then the other party decides whether to buy them out or sell their interest. The real estate equivalent of dividing the pie slice, "You cut, but you get to pick the piece"

[Anonymous]

Anonymous wrote:Going through something similar OP. Three siblings, two of us live close to parents, one far. Parents transferring $1M rental property to one sibling in addition to other significant help. Parents have some additional assets to support themselves in retirement but no where near enough. They let me know after it was a done deal, and have refused to discuss their plans and estate planning with me. In any case, the drama is ramping up as I have started to direct them to my sibling for their needs. My parents are very angry and creating unnecessary tension that impacts my children and DH. So I would say be prepared for a scenario like this, and move away if you can.

Your parents sound ridiculous. It is obnoxious to favor one sibling over another. It’s very entitled to expect the disinherited child to do all the work and it’s completely lacking in self awareness. Though I can’t say it’s surprising. I’m sorry you’re going through this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Going through something similar OP. Three siblings, two of us live close to parents, one far. Parents transferring $1M rental property to one sibling in addition to other significant help. Parents have some additional assets to support themselves in retirement but no where near enough. They let me know after it was a done deal, and have refused to discuss their plans and estate planning with me. In any case, the drama is ramping up as I have started to direct them to my sibling for their needs. My parents are very angry and creating unnecessary tension that impacts my children and DH. So I would say be prepared for a scenario like this, and move away if you can.

Your parents sound ridiculous. It is obnoxious to favor one sibling over another. It’s very entitled to expect the disinherited child to do all the work and it’s completely lacking in self awareness. Though I can’t say it’s surprising. I’m sorry you’re going through this.

Agree. What kinds of assistance are your parents seeking from you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Going through something similar OP. Three siblings, two of us live close to parents, one far. Parents transferring $1M rental property to one sibling in addition to other significant help. Parents have some additional assets to support themselves in retirement but no where near enough. They let me know after it was a done deal, and have refused to discuss their plans and estate planning with me. In any case, the drama is ramping up as I have started to direct them to my sibling for their needs. My parents are very angry and creating unnecessary tension that impacts my children and DH. So I would say be prepared for a scenario like this, and move away if you can.

Your parents sound ridiculous. It is obnoxious to favor one sibling over another. It’s very entitled to expect the disinherited child to do all the work and it’s completely lacking in self awareness. Though I can’t say it’s surprising. I’m sorry you’re going through this.

Sorry. This is hard. Continue directing them to your sibling. They made their choice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Going through something similar OP. Three siblings, two of us live close to parents, one far. Parents transferring $1M rental property to one sibling in addition to other significant help. Parents have some additional assets to support themselves in retirement but no where near enough. They let me know after it was a done deal, and have refused to discuss their plans and estate planning with me. In any case, the drama is ramping up as I have started to direct them to my sibling for their needs. My parents are very angry and creating unnecessary tension that impacts my children and DH. So I would say be prepared for a scenario like this, and move away if you can.

Your parents sound ridiculous. It is obnoxious to favor one sibling over another. It’s very entitled to expect the disinherited child to do all the work and it’s completely lacking in self awareness. Though I can’t say it’s surprising. I’m sorry you’re going through this.

Sorry. This is hard. Continue directing them to your sibling. They made their choice.

+1
the nerve!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Going through something similar OP. Three siblings, two of us live close to parents, one far. Parents transferring $1M rental property to one sibling in addition to other significant help. Parents have some additional assets to support themselves in retirement but no where near enough. They let me know after it was a done deal, and have refused to discuss their plans and estate planning with me. In any case, the drama is ramping up as I have started to direct them to my sibling for their needs. My parents are very angry and creating unnecessary tension that impacts my children and DH. So I would say be prepared for a scenario like this, and move away if you can.

Your parents sound ridiculous. It is obnoxious to favor one sibling over another. It’s very entitled to expect the disinherited child to do all the work and it’s completely lacking in self awareness. Though I can’t say it’s surprising. I’m sorry you’re going through this.

Agree. What kinds of assistance are your parents seeking from you?

They have limited English so they need assistance for things as simple as disputing a bill, to filing for SS, choosing a medical plan, doctors apps etc. To be clear, they aren't asking me for everything, but they tend to ask for the more complicated or time consuming ones. I refuse to be involved in anything other than visit and take grandkids to visit. Sibling lives close by and now has plenty of assets to care for them.

I have to say the older people get, the more their decisions become irrational and driven by emotions. My parents get very angry because they feel as their child I have a responsibility to them, but how they allocate their money should not be any of my business.