Bruce Reitman
Junior Member
What is the name of your state? I live in Ohio,my mom lives in Ca, the property we are talking about is in Michigan.
Right now my mom owns property and a cottage in Michigan. The cottage is worthless now but it involves much land,which in the future a developer may want which would increase the land value.
This is a letter I got from one of my brothers:
Bruce want to run something by you. Have talked to Steve, Barb, and Mom so far. I have some time and money to try and save the cottage before it has to be destroyed like Alan Gold's was. What I would like to do is work on the cottage this summer and take over paying the taxes and dues and in exchange have the value split 4 ways and papers drawn up that you, Steve, and Barb would get that much more of an inheritance at the end. I would pay for a lawyer to draw up the papers to state such. Also property could not be sold out of the family unless no family left or no family member willing to keep up taxes etc. Please give me your input.
Al
I feel he should (1)apraise it now and buy me out(2)When my mother passes away (she is 85)He takes off the top the money he spent in the cottage to fix it up plus a settled on amount for his labor,then the value split 3 ways and then it can be his for a fourth of what it is worth.
Am I correct in thinking this is the fair way. What do you think would be fair?
Thank you,
Bruce Reitman
Right now my mom owns property and a cottage in Michigan. The cottage is worthless now but it involves much land,which in the future a developer may want which would increase the land value.
This is a letter I got from one of my brothers:
Bruce want to run something by you. Have talked to Steve, Barb, and Mom so far. I have some time and money to try and save the cottage before it has to be destroyed like Alan Gold's was. What I would like to do is work on the cottage this summer and take over paying the taxes and dues and in exchange have the value split 4 ways and papers drawn up that you, Steve, and Barb would get that much more of an inheritance at the end. I would pay for a lawyer to draw up the papers to state such. Also property could not be sold out of the family unless no family left or no family member willing to keep up taxes etc. Please give me your input.
Al
I feel he should (1)apraise it now and buy me out(2)When my mother passes away (she is 85)He takes off the top the money he spent in the cottage to fix it up plus a settled on amount for his labor,then the value split 3 ways and then it can be his for a fourth of what it is worth.
Am I correct in thinking this is the fair way. What do you think would be fair?
Thank you,
Bruce Reitman