My in-laws have a commercial property with 6-10 storefronts. They have mentioned that they would like to leave this property to DH and I when they pass. The property is paid for, and seems to generate about $3000 in profit monthly, depending on major expenses.
Right now, I believe it's in my MIL's name. She has a will that was done through some willmaker software that leaves it to us.
She's been doing the property management for a while, but I think she's ready to hire a property manager, and she's also worried about her liability.
I'm worried about probate and estate taxes, and lots of messy paperwork in the future.
Any opinions or ideas on what we should look into? LLC? Should they look into gifting us shares of the property now? A trust? We will definitely involve a lawyer, but I'd like to supply her with a few good ideas to look into, so she doesn't end up selling it and buying an annuity.