My dad is 87 and single and is selling his house and planning to move in with us and put the money as a down payment on a house my husband and I are buying. Right now, he is listed as inheriting 1/5 of our total estate if my husband and I both die. What is the best way to do the financial transaction so everyone is satisfied and comfortable and not liable to any tax fees? I am his sole heir. We are thinking that if later he has to go to a nursing home and the money is needed for his care at some point, would we have to pull it back out of the house? Does he cosign or just donate the money towards the sale of the house? Are we or he liable for any taxes on the money? He wants to be assured that if something happens to us he would get his fair share even though he is in our will.???
1 Answer from Attorneys
How much of a down payment is it? Feel free to email your response.