Posted by Rob FL on April 25, 2000 at 20:22:30:
Maybe she could deed it to the 3 kids and reserve a life estate to herself. That way as long as she is alive she has control of the possession of the property as well as all income and expenses, but when she passes on the property belongs to the kids and avoids probate. There may be some gift tax consequences with this so check things out with an attorney before you do it.
Seeking Wisdom & Advice - Posted by Ken (Fl.)
Posted by Ken (Fl.) on April 25, 2000 at 12:51:06:
Greetings All,
My situation is as follows:
My father passed away in 1994, and left my two brothers and I some money. Before he passed, we made an agreement with him that we would put the money into an interest bearing account (CD, money market, etc.) whereby we would give that interest income to our mother to help supplement her other fixed income.
After he passed, we decided that the best thing that we could do at that moment would be for us to each give enough money as a gift for her to purchase a condominium with a modest down payment , keeping her mortgage payments low enough for her fixed income to support. Our mistake was that we didn’t buy it in our names and rent it to her.
After the deal was closed she decided to move to another city with a close friend of hers. Since then, she has suffered from advanced stages of emphyscema and is deteriorating quickly.
She currently rents the condo - we oversee it for her. It provides enough income to pay for everything and still gives her an extra $100.00/month.
Question is: We don’t want this to go to probate when she passes, but we also know that she may want to sell it soon and keep the money (and give it to her friend who we really don’t think deserves it). How do we go about putting this condo into our names with the least amount of difficulty??
I’ve heard about something called a “Quick Deed”, which might be able to pass title on.
We are just concerned that she may sell this thing from under us, and give the money to someone that really doesn’t deserve it. Any suggestions are greatly appreciated. Thank you.