Legal Question in Wills and Trusts in Wisconsin
Real estate disposition
My Father has a ''Cottaqe'' that has been run down over the years. He has had a recent heart attack and is doing fine now. He has talked about just giving the cabin to us 3 kids. He has not signed it over as of yet. He does not have a will.
I'd like to remodel the cabin but, I am reluctant to at this point because I fear the monies I invest into the cabin now would only cost me more later if the state has to sell it because of no will? Am I incorrect on this line of thinking? Is it better for him to transfer the property to us now or put it into his will? The property is valued less then $100,000.00.
1 Answer from Attorneys
Re: Real estate disposition
Very simply, your father should transfer the property to you so you know you are making improvements to property you own. It would be simple if the answer only had to consider that issue.
If your father might ever need to go onto Title 19, your father may be doing himself and his estate a great disservice by not getting some advice before this transfer is done. Also, if your father dies within a reasonably short period of the transfer, the transfer may have been done at his death with the kids getting a step up in the basis of the property. That would reduce any future gain the kids may have by disposing of the property. The kids may also need an agreement as to how they are going to share costs, revenue and use of the property. These are all significant issues that need discussion and advice of an expert. While your father can just make the gift, if you consider all things, there may be a better way of doing things, depending upon your father's life situation.
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