My father is ill and had cancer last year, that is supposedly in remission. My concern is if he gets sick again. He owns real estate
, 1 4 plex and one 8 plex, and 2 other rent houses, plus the house he lives in. All property is in California. What is the
best estate planning vehicle? He is talking to a lawyer now about a family limited partnership. However, from what I am reading, there are concerns about post-death taxation, and behavior of the creator leading to later re-valuation of assets. All properties
have mortgages, including his personal residence. And to complicate matters more, the 4 plex and 8 plex are held in a partnership with another investor (not family). He has 3 children. I am one of them, my half-sisters are still minors. He's in his late 70's.
He is separated from his wife, but still living under the same roof. I'm sure you catch my drift. He said he had his wife sign quit-claim deeds on the rental properties. I am considering recommending him a land trust for each rental property, especially the
8-plex (because Garn St Germain act does not apply to commercial property), and divorcing his wife before he does anything else. If she takes over as joint tenant, everything would die and she would spend it all, because she is clueless about property management.
I'd like some perspective, and will tip appropriately for good suggestions.