Our responsibilities if parent signs over property
My father-in-law wants to sign over or deed his home to us in the event that he has to go to nursing home.Does this have to be done so many years in advance? Also how does this effect us financially? Are we responsible for any of his debts,property taxes,insurance's if someone were to sue him for any reasons.
1 Answer from Attorneys
Re: Our responsibilities if parent signs over property
It doesn't sound like he really wants to transfer ownership to you at this time. It sounds like he really wants to retain ownership but have you maintain the property in the event he becomes ill. He may want to execute a Durable Power of Attorney or Springing Power of Attorney. He should consult an estate planning attorney in his area to make sure his objectives are properly achieved.
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