Legal Advice Or Not?
alright, I hope all you fine folks can keep up with my lil story.
My dad is a diabetic, and his health has worsen within the last year, causing him to have 1/2 leg taken off, his eye sight is gone,he is now in a nursing home, my question....
the home-place is not yet paid for, my dad has told me different times he wants me and my husband to take over payments and add my name to the deed, well the payments are not the issue, and i would love to do that for him so its not lost,it is however the home-place 30 yrs my dad has paid on it, i have 2 sisters, they dont have a problem with this....what do i need to do? is this gonna involve getting legal services? what about a quick claim? cause i dont want the state to have any say so,or the nursing home, and yes it looks like my dad will be staying in the nursing home.....please i need some advice quickly, like who to call ect.
i do thank you fine folks for taking the time to read my post.
[addsig]
I would suggest a revocable trust as it is a legal entity that can hold title to property just like partnerships and corporations but in this case, a trustee handles most of the details and financials.
The trustee has authority to pay the bills and has a to distribute the trust properly to beneficiaries as provided in the provisions of the trust.
You could set up a joint tenancy in this process you basically fill out a straightforward form and present it, with a death certificate, to the keeper of ownership records: a bank, state motor vehicle department, or county real estate records office.
You could arrange for the property to be gifted over to you.
In all honesty, you should contact an attorney and/or a certified public accountant to help you with this process.
[addsig]
If your father is in nursing home The government Medicaid /Medicare I believe have a three year look back on the disposition of property as to qualifications for their nursing home programs. People try to move them so they cannot be counted as assets of the individual. You definitely want to consult an attorney. Any gift over 11000 per year by any one individual to another is possibly taxable. That includes gifts of equity.
GoBelly
SOMETIMES it is hard to see the forest thru the trees. I forgot this is a creative investing board and was looking at answering the question of somebody looking for answers to their specific question.
I LIKE YOUR ANSWER BEST!