Create a trust fund. Put the properties into trust. Make your kids the inheritors, er, managers of the Trust Fund when you die.
Alas Babylon! - post 107 - Create a trust fund. Put the properties into trust. Make your kids the inheritors, er, managers of the Trust Fund when you die.
I'm not going to pretend to be an expert on all of this, but when you set up the trust, make sure the attorney involved AND the tax accountant who will be processing the annual returns for the trust can both explain section 754 of the Internal Revenue Code in plain English, AND that the attorney and accountant can provide pretty much the same explanation.
I've seen and prepared several returns in the last few years (Trust and trust recipients) and can tell you that the scenario you described about the contents of the trust can get very messy, and also allow the siblings to find out how much they like each other.