Surviving children of home from parents options

[Manuel Toledo]

Hello all BP folks,

A conversation and possibility has been brought up.  I am one of 3 siblings and our parents have a home nearly paid off.  My question is what are your ideas and possible actions in the event of passing of parents (we pray against).  That we are left with their home with an existing mortgage but have a large amount of equity left.  What are the legal and least taxed options as far as funds being equally distributed amongst us?  I would rather maintain ownership of the home and utilize it as a rental property to pass down to my children.  I was contemplating the idea of purchasing the home from my parents and them keeping a portion of the sale and the other portion to be distributed to my siblings.  Let me know your thoughts opinions and options.  Thank you for the support BP family!