Property ownership

[lightningz1]

MD

Father has property and wants to keep it in the family. There are 4 children who would receive the property in equal shares as Tenants in Common.
Could a company be formed to own the property and oversee the property as a single entity, rather than the 4 children?

 

[FlyingRon]

Father should consult a Real Estate/Estate planning lawyer. A trust of some sort is probably the best avenue.

 

[HomeGuru]

yes I agree......a trust.

 

[LindaP777]

Would an LLC also be an option?

OP, who will live in the house? Does dad still live in it, now? How far away is dad from the possibility of needing to go into and assisted living home, and does he have the funds to pay for the care himself.

So many questions, but I've created more instead of simply answering!