I don't know where to put this, so here it goes. I will certainly be consulting with a lawyer, but first I ask the forum:
What are the drawbacks/benefits to my parents transferring title of their ownership in a vacation lake house to me and my sister. We would have 50% ownership (uncle has other 50%). In a practical sense, they are not giving it to us. They pay the mortgage, taxes, and up keep, and will continue to maintain/use the property as they always have in the summer.
They want to execute this as soon as possible (Medicaid-related reasons). Quite frankly, I was reluctant when they first brought it up. I don't really want ownership of this property - it is an unreasonable distant away and will probably need costly foundation upgrades in the next 5-10 years. If everything goes smoothly, my parents and uncle will take care of everything until they pass away, and then we will deal with whether to sell it.
If things go badly (parents late on tax bill, someone gets hurt on the property, etc), I see lots of risk. Am I being to cautious? This is a very emotional issue for my parents and they don't understand why I am hesitating.