Dear Quentin, My three siblings and I inherited a house on a beautiful island from our parents that is worth about $2 million. It is mostly used in the summer. I’m 72, I live abroad, and I don’t get there much. I find the maintenance costs and the joint decision making burdensome, as lovely as the place is. My two children, 41 and 35, are not keen to inherit this property, which could end up being split far too many ways. So I am negotiating with my siblings to buy me out. It would leave me with an inheritance of around $667,000.
I don’t need the money. I have a good pension and my own property, so I would like to use these proceeds to set my children on the property ladder, in effect transmitting to them a portion of their future inheritance when they most need it. They are both renters but are keen to buy, and they are both married or partnered. My question is how to protect myself and them. If my spouse dies before me, I would want to move back to the U.S., near one child or the other, and this might require a top- …
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