My in-laws are selling their home to move closer to us as they are getting older and their health is declining. They live on a fixed income (Social Security, disability, and Veterans benefits.) They will net about $100,000 after paying off their current home loan. They would like to put about $60,000 down on a home that we can all live in together. The idea being they would make the downpayment and my husband and I would pay the monthly loan payment. What is the best way to title the house so none of us is harmed financially either through taxes or potential long term care costs in the future? Also, I'm not sure where to start in helping them protect their money. An attorney, mortgage broker, accountant, financial planner?
1 Answer from Attorneys
A financial planner who does it for a flat fee, not on a commission basis. Probably the safest way is to buy the house in your and your husband name but reserving a life estate in your in-laws so long as they live.
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