Posted on: 26th Aug, 2012 01:13 pm
I purchased a home for my parents retirement (I have a mortgage on the home) Can I file a ladybird deed - adding them, then have them file homestead on the home? I'd like to keep the taxes down.
If they are ever in a legal/financial bind, is the home protected from creditors / etc?
Thanks
If they are ever in a legal/financial bind, is the home protected from creditors / etc?
Thanks
Welcome cjmelal,
You can use a ladybird deed in order to add your parents name to the property. However, you will have to check out whether or not the ladybird deed is legal in your state. Then, they can claim homestead exemptions on that property. In case of any financial bind, the homestead exemption will protect the property from creditors/lenders.
You can use a ladybird deed in order to add your parents name to the property. However, you will have to check out whether or not the ladybird deed is legal in your state. Then, they can claim homestead exemptions on that property. In case of any financial bind, the homestead exemption will protect the property from creditors/lenders.
HI cjmelal!
Welcome to forums!
To know all about ladybird deed, check out the given page: http://www.mortgagefit.com/know-how/ladybirddeed.html
Sussane
Welcome to forums!
To know all about ladybird deed, check out the given page: http://www.mortgagefit.com/know-how/ladybirddeed.html
Sussane