Question
I need Legal/Tax help regarding purchasing my grandmothers home and letting her live there.?
I am currently paying her $1000 a month until I reach our agreed upon price of $105K. So far I have paid her $32,000 but we have completed no legal paperwork. I already own a home but will move into this house when my grandmother passes (Strong lady so I hope she lives another 30 years!). She just got into some debt and had no way out unless she used the equity in her home. What I need to know is the best way to deal with the Taxes/Legal paper work here in Kansas City, Missouri. I have looked at "Quit Claim Deeds" "Survivorship Deeds" etc... but I really have no clue about this legal stuff. I just want to help my grandmother out without putting myself into the poor house too! BTW, $1000 a month to my grandmother Plus my own $1200 house payment has me pretty much strapped so I can not afford a lot of taxes. Thank you so much if you can help me figure this out. -Chad
2 years ago - 3 answers
Best Answer
Chosen by Asker
Chad, Please contact a local attorney and get some specific legal advice. You can contact your county bar association and they will likely give you a referral to a lawyer for a low fee initial consultation. Professional advice is essential. But, if you want to pursue this on your own, then I suggest that you look at the offerings from Nolo Press. They have a lot of free information on the site. Their books are reasonably priced and very helpful As you start to read about these things keep in mind that your particular situation might be quite different in some essential detail. That's why it's important that your attorney know all the facts. I have seen amateur, well intentioned estate planning and real estate transfer matters create major legal problems from what could have been a routine legal transfer. One thing that so many people never consider is that we don't live forever, and we don't know who will die first. This creates a mess when there is no clear written agreement left behind.
Source(s)
www.nolo.com
2 years ago
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Other Answers
You can buy the house and give your grandmother a "life estate". She gets to live in the house until she dies and they you can move in. This way there is NO probate costs. Please consult a Missouri real estate attorney.
by DOUBLE NET- 2 years ago
You need legal help to set up this arrangement properly. Informal arrangements can lead to disasters. Please consult an estate attorney.
by newjerseyguy- 2 years ago