Can Siblings All Buy Parent’s Home as a Single Entity?
My parents are 70 years old. They retired in 2005 and built a home on a lake. The appraised value of the home in 2005 was 95,000. The appraised value today is 35,000 and they owe 40,000. Due to my father’s health my parents are now considering selling their home within the next 1-2 years. My two sisters and I are wondering if there is a vehicle/instrument that can be used for us to purchase the house (as a single entity) from them, allow our parents to stay in the home as long as they want and then we can use the home as a vacation home for our families?