In Connecticut: My stepfather passed away, and my mother received a large life insurance sum. She wants to buy a house in cash, but in my name. She will live in the house (for free) and I will legally own it (from afar, I do not live in CT). Are there any legal issues I should be concerned about? Am I unwittingly going to be legally compromised in some way for some unforeseen reason? And can she directly pay the property taxes, or do those have to come from me? Same for home owner's insurance. And any other payments and costs I'm failing to note. Thanks for your advice!
1 Answer from Attorneys
Well, you end up with the house when she passes. If somebody slips and falls, they come after the owner (you), so you'll have to make sure the insurance is sufficient and kept current. You can take the property tax deduction (so long as only one of you takes it). Who takes care of the major repairs? You'll have to carefully spell out who's responsible for what and make sure you have everything in writing.