Wife & I want to buy the house from our 90 year old parent.

by Jerry
(Spokane, WA)

What is the best way to buy a house on a 10 year payment plan from my wife's 90 year old father?

THE CONCERNS:

His total net worth is $200K in Arizona.
He's in pretty good health but could die at any time.
He's starting to become forgetful.
He doesn't need the money from the asset yet.
Giving him fair value so as to not upset my brother-in-law. (about $70,000.)
Wait to inherit the property and maybe be better positioned to not pay inheritance tax?
Making payments and properly writing a formal payment contract to account for the transfer upon his death?
Maybe utilize a living trust for the property or payments?
He has a will and currently brother-in-law has total power of attorney for his finances.
Any input of ideas is very welcome.

Thanks, JH