Planning for Your Seller to Die Before Closing

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Okay, so now that my subject line has caught your attention...

I'm trying to work out a proof of concept on real estate transactions that may be affected by the seller's end of life planning.

(Somewhat) Hypothetical scenario,

An elderly owner with 2 children owns an asset outright and has owned it for 60 years. Owner would therefore face a large capital gains penalty upon selling the asset.

Would it be possible/legal to execute a master lease option with a buyout that is intended to outlive the seller such that they can have fixed income for the remainder of their life, and such that their children can receive stepped basis by inheriting the asset that is already under contract (which was obviously written to be binding upon successor's and heirs).