Legal Question in Real Estate Law in Wisconsin

Gift 1 property to several children
My father-in-law (Wisconsin) wants to gift one piece of lake property to 3 of his 4 grown children. The value of the property is disputed because he owns the building, but shares the approx 10 acres and lake frontage with 6 other owners. If the property (cabin) is worth $30K, is he covered by the gift tax of 10K per individual even though it is 1 piece of property? Also, (my bigger concern)- where should I look to the legal/logistic problems that will result in the 3 adult children that will now be shared owners and inherit a contract outlining the shared property. 2 of those adult children are also married. The main owner of this ''shared association'' who holds all the contracts is also taking these contracts to court to try to force current owners to buy into a condo proposal. Any direction or insight on these multiple concerns would be appreciated.

Asked on 1/25/01, 10:56 am

Thomas Schober Schober Schober & Mitchell, S.C.

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Re: Gift 1 property to several children

You will need to have an attorney meet with you to

review the title to the property and related

documents. You will then need an agreement between

you and the other siblings. Knowing this is already

headed into litigation by the main owner, you will

need someone that can advise you and handle the litigation

also.

Answered on 3/12/01, 11:53 am

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