Turning my childhood home on the lake into a rental property - need advice

[Garcia]

I get the idea and desire. I just don't see how the numbers add up.The only way it works, in my humble opinion, is either one sibling buys out the others or all three create an entity and own it together, spelling out rights, responsibilities, and the cash your parents pull out to fund their future expenses.

Your problem is not unique. Sadly, I have seen the siblings of two families near me stop talking to each other because of different trains of thought regarding the family property.

My advice, for what it's worth. Sit down as a family and have the uncomfortable conversation about what happens to the estate upon death. Take steps now to minimize tax consequences and maximize the wishes of future generations. My family is completing the process now - and the process has pulled us closer together.