My parents’ physical health is degrading quickly and they would like for my wife and I to purchase their home (which is paid off). Assessed at $340,000, they are asking for $150,000. In your opinion, what is the best option for us to take without major tax implications or any legal issues that might be an issue? Thank you for taking your time to respond.
1 Answer from Attorneys
Talk to your accountant. Doing it this way may have some major negative tax implications for you later. Spending the money with an accountant or an estate tax planning attorney NOW is what you need to do if you have the desire and ability to buy this house.