My Father is 92 and just starting to loose his memory. He is in good health otherwise. He states he does not want to go into an assisted living home, or a nursing home AT ALL. So, I just know that I cannot take care of him on my own, due to bac...
Just a few comments I hope might help.
I strongly urge you to contact an experienced Estate Planning and Elder Law Attorney in your area.
You can look for help from attorneys who are members of NAELA National Academy of Elder Law Attorneys or AAEPA American Academy of Estate Planning Attorneys. Both have websites to help find a lawyer in your area.
With regard to the family home, a transfer to you with retained life estate for your father would eliminate any income tax problem upon the sale of the home after your father's death. However, and Irrevocable Trust might be a better choice since this would eliminate income tax if the home was sold either before or after his death. I am assuming the gain for the house sale is under $250,000.See question
My son is the only borrower, only he signed the Note, rec'd proceeds and is the mortgagor. We both signed deed of trust as we both own the prop that secures the note. He filed bankruptcy which protects his home. I never borrowed or committed to pa...
His bankruptcy will NOT protect you and may not protect the home either. The home is not your primary residence and yet you are an owner who signed the deed of trust also known as a Mortgage. I recommend you speak to a qualified bankruptcy attorney.See question
We currently have 2 children under 18
The answer to this question depends on how the Trust was prepared and how you hold title to the property in the trust after your relative's death. Many Trusts that I prepare include Legacy provisions so that the trust assets are protected for you and your children. In other words, the trust provides for all assets to follow only your bloodline.
I suggest you seek the help of an attorney I know who is in the twin cities area. His name is Jeff Molever
The Molever Law Firm
9800 Shelard Parkway Suite 212
Plymouth, MN 55441
TEL: (763) 595-9292
The Molever Law Firm Website
When they went to the Register of Deeds they were given forms to fill out. They did, then they were told they would have to either get legal help or go to a closing company. They do not wish to pay a great deal of money to make sure I get my inh...
Most people are not familiar with how to transfer real property and should hire a lawyer or closing company to help. The fee should be about $100 to $300 for a closing company to handle this. Since you are not a legal heir or next of kin, you will not have any standing after they pass away. The Court will NOT recognize you as a daughter- you would be treated like someone outside of the family.
I suggest you request "your parents" request the closing company to include a provision know as a life estate so they retain the legal right to live in the home even though you would own it. In this way, the real estate taxes would not change and upon death if you sold the house the income tax would be eliminated or substantially reduced.
Hope all this helps.See question