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Stetson,

One property we bought was an estate. The son was very interested in our idea of his taking a note because that way he only got taxed on the money as it came in. So instead of getting taxed on the $225,000 all at once, every year he owed income tax on the interest and inheritance tax on the principal paid. He chose to go with an interest only option that ballooned in 7 years to defer any of the inheritance tax until he retired and was in a lower bracket.

I know this doesn't exactly match what you friend's aunt is facing, but perhaps something similar would apply?

IP
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