Family and future family

[Jeff Silver]

Hey BP folks,

I have a situation I’m hoping to get some perspective and potentially structuring strategies for a family property.  

My brothers and I have a property we own tenants in common. This was given to us from family and it intended to set it up as joint tenancy so as the brothers died it would end up with one person owning. 

My older brother passed without a will or any estate planning. My younger brother wants nothing to do with the property and I purchased his portion 1/3 from him. 
my older brother‘s wife stands to get the property remaining 1/3 into her name but wants to give it to her two sons. 

Owning property three ways has wreaked havoc in our families between my brothers and I. Now my sister-in-law with the two sons wants to give the 1/3 to them but the obstacles and challenges we’ve had is splitting costs and taxes or paying any money for renovations. The property definitely needs major updates. I also have a child who I plan to give my portion of the property too but that puts us back in square one with three separate people owning the property and in unequal amounts.

any thoughts or suggestions. I offered to buy the portion off of the two sons who I’m very close with and would never prevent them from enjoying the property but my thoughts are to simplify give them money so they get something out of the property that was their dad‘s and still allow them to enjoy visiting the property but without any of the headache of future payments to taxes and repairs etc.