I rent a home from my father which he does not reside in. He wants to give me the home and remove the value from his estate (which is to be divded equally into thirds upon his death). Gifting or putting it into a trust do not sound like the right choices. If he does an owner financed sale, with interest, at or near market value, with a cash down payment, and i make the agreed payments, can the note be considered fulfilled upon his death? The point is to not have the value of the home be included in my share of the willed inheritance. Estimated home value is $200,000. Total estimated current estate (including this home) 1 million. He would rather see me get 266,000 plus the home instead of the home and 133,000. Can this be done? Thanks in advance.
Your father can certainly finance the sale if he wishes, and the arrangement can be set up in such a way that if you do not pay the outstanding amount on the mortgage by the time of your father's death, you will continue making regular payments to either his estate, or a trust that could be set up now, interv vivos, for purposes of holding the house. I think you can accomplish what you desire here, but I strongly suggest you and your father working closely with a lawyer familiar with both estate planning and real estate law. The specific arrangement can be worked out once counsel discusses your father's estate planning goals in more detail. Best regards.
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