@Eric Barnett: The question that you ask comes in the realm of Estate and Financial Planning... both you and your fiance should identify both your personal and business desires for yourselves individually and jointly, note down all the items and how you would want them to flow, in case of death, disability and divorce (and not in any specific order).

Hey Guys,I am pulling lots of Affidavits of Death, Inheritance and other transfers of Trustee records, Code Violations, Abatement and ETC....

Hate to brake it to you but two things in life are an absolute certainty: 1) death at some point and 2) paying taxes.You can only defer the payment of taxes (assuming you have exhausted all means of reducing the taxable income/gain as much as legally possible).You say you "have been reading up" on this.

I discussed this with an attorney and found out that the contract was valid and we had every right to move forward (the seller didn't just sign the agreement, but also provided testamentary letters and death certificate).However, I elected to basically do what @Jeff Rappaport suggested.

It is his understanding too that whatever he does not sell off at this time would then pass on to his heirs upon his death with a 'stepped up' tax basis also.Just something to check into.

So why would we trade 47 (age18-65) years of our lives, suffering and penny pinching to save for "retirement", just to get 11 (age 65-76, 76 is average age of death) years of good years to spend all that saved cash?

No, the only death pannels that exist are called health insurance claims representitives.

If you die ten years from now, the federal estate tax exemption will be whatever amount is in effect in the year of your death -- and may be higher or lower than $5.25 million.If the value of a gift to any individual exceeds $14000 (this year), the excess is taxable and reported to the IRS on the giver's personal tax return.

There's a lot of new development by toll brothers in the area and my friend who lives in the area believes he can rent out a new development 3br /3b - 2br/2b for around 2650 a month.

3) Will the death and transfer of ownership trigger any default clauses in any loans that may be outstanding?