Question
My husband and I plan on paying off our mortgage very soon. We have a son that we want to pass this house on?
to one day. What can we do to insure he will get it and not bill collectors. Do we put it in a living trust? Would that protect it or a corporation? We are healthy. I am trying to protect it in case either my husband or I have major health catastrophe.
5 months ago - 3 answers
Best Answer
Chosen by Asker
Definitely have a lawyer draft this. My mom had a living will and when she passed everything went very smooth. The home and property was shielded from all inheritance taxes. In fact it went so well I was sure the IRS would show up at my door someday, but they never did.
by Move on
5 months ago
Asker's Rating: 
Other Answers
Lawyers are suggesting the living will. Talk to a family law attorney to get the correct facts. Wording of the will is the utmost importance to keep this for your son.
by Jelly Bean- 5 months ago
Try putting your sons name on the title. That way he won't have to pay an inheritance tax. Or you could talk to a lawyer and do a quick deed. That way in case something were to happen to you then the deed automatically transfers into his name and he doesn't have to go through the hassle of having it switched into his name. I know my mom had to go through that hassle whenever her dad passed and she said that it was hell. She had to go to court and everything.
by Wendy- 5 months ago
Once you pay it off just transfer the deed over to his name. How old is he? Look into getting a lawyer, but there is no honest way around it, that is what insurance is for, health, life to cover your health costs.
by Ticketgirl- 5 months ago