Buying in-laws House - Posted by Chris

Posted by Kristine-CA on July 27, 2003 at 10:21:01:

Chris: you should really consult with an estate/elder law attorney regarding the medical bill issue. In CA, many people are advised to sell or transfer title so that they can keep their Medi-Cal benefits and still be able to leave their families their house. You are going to want to talk to an attorney who specializes in this area of law.

Regarding the distribution of proceeds: Your parents can dictate how funds are to be distributed and the escrow company/closing agent can do that at the time of closing. Again, you may want to consult with an attorney regarding whether your parents should distribute the funds themselves or pay your siblings out of escrow.

There are many options in the scenario you describe. There are also tax considations. A good estate attorney will be able to advise them if selling is even a good idea. They may also suggest a life estate for your parents.

Hope this helps. Sincerely, Kristine

Buying in-laws House - Posted by Chris

Posted by Chris on July 26, 2003 at 17:49:19:

My in-laws want to sell their house to my husband and me for a reduced price and they will live with us for the rest of their lives. The house is worth approximatley $200,000 and want to sell it to us for $100,000, $50,000 for them, the other $50,000 distributed to 5 siblings. Can this be done? and also could the house be taken from us to pay for any legal or medical bills for our in-laws? We are residents of Massachusetts.