Posted on: 31st Mar, 2008 08:37 am
Hello,
My Mother-in-Law (step actually) has been thru some terrible times since her husbads passing. Her biological daughter and grand daughter took over 100,000 from her and pretty much left her on her doorstep. She has started legal actions against them. She is not in good health now and is not able to live alone (nor does she want too). She has asked my husband and I (her step son) and kids to move in with her to help her.....we would sale our house. My question is----we will need he home in our names (for peace of mind) and we want her to know that we will let her live there until her passing. We want to avoid very costly taxes etc. and know we will have to consult an arttorney----any advice on how she can "give us this house without us having to pay a huge amount?? Thanks!
My Mother-in-Law (step actually) has been thru some terrible times since her husbads passing. Her biological daughter and grand daughter took over 100,000 from her and pretty much left her on her doorstep. She has started legal actions against them. She is not in good health now and is not able to live alone (nor does she want too). She has asked my husband and I (her step son) and kids to move in with her to help her.....we would sale our house. My question is----we will need he home in our names (for peace of mind) and we want her to know that we will let her live there until her passing. We want to avoid very costly taxes etc. and know we will have to consult an arttorney----any advice on how she can "give us this house without us having to pay a huge amount?? Thanks!
Hi,
Welcome to the forum.
Your mother in law can add you or even give you the property by signing the quitclaim deed. If it a mortgaged property? If so then talk to the lender about it and you will have to take the mortgage on your name by refinancing.
Feel free to ask if you have any farther questions.
Best of luck,
Larry
Welcome to the forum.
Your mother in law can add you or even give you the property by signing the quitclaim deed. If it a mortgaged property? If so then talk to the lender about it and you will have to take the mortgage on your name by refinancing.
Feel free to ask if you have any farther questions.
Best of luck,
Larry