Hi and welcome to JA. I am Ray and will be the expert helping you today.
The best thing for your parents is to sell you each a piece and carry the notes.The notes specifically h ave to stat they are not resellable.
Medicaid has a five year look back period. A gift of land disqualifies you for five years.If they do nothing it is exempted as their homestead but then medicaid estate
recovery here files claims against it.
They can keep it as one parcel keeping a life estate with all of you having remainder interest.That avoids problems with medicaid because they retain an interest, the taxes stay low during their lifetime, and then passes directly to you by deed rather than through probate
where medicaid recovery files a claim.
If you want to avoid problems here have a local NAELA lawyer either prepare the life estate or closing documents on an owner financed sale.It i s totally critical to have such a lawyer due this as medicaid is an unforgiving minefield.
NAELA--National Academy of Elder Lawyer specialize in such transfers, shelters, and sales. In 30 years or so of elder law never seen a NAELA done transfer have problems.They can also help your parents shelter any other assets they may have to maximize them for your life.
You can locate one here.
Either of these are likely options they sell it to you in divided acreage, carry the note, and will you your note when they decease.Or the other option is a life estate with remainder to you and your siblings.
I appreciate the chance to help you today.Please let me know if you have m ore follow up.Thanks again.