Need advice on how to transfer condo from one gen to another.

[Eric Klug]

Good evening! I hope you all are enjoying your Memorial Day.  

The situation: my mother-in-law owns a condo with her sisters and they are looking to pass the ownership on to my wife, her brother, and my wife's cousins.  The cousins are not children of the aunts, so I don't know if there will be any issue there.  I don't know how they hold the deed.

The questions:  What would be the easiest way to transfer to the next generation?  Can the property be transferred and inherited all at once?  Would that be considered a gift instead of an inheritance?

[Christopher Smith]

Does widely divided ownership in a realtively small real estate asset really make sense? Why not give the property to the one person best able to handle it, and then other assets to other folks to equalize as desired, or alternatively simply sell the property at death where there will be no gain and split the proceeds.