Q: How can I purchase my parents house for cash and just have my name added to the deed without it being considered a gift?
My parents are elderly. I'm wanting to purchase the house they currently live in (cash purchase) but I just would prefer to have my name added to the deed as I intend for them to remain living in the house. This would give them more cash on a monthly basis to enjoy life a little more as well as (hopefully) avoid probate in the future. But can this be done without it being considered a gift?
A: Yes there is ways to do this. But it needs to be done in proper steps to protect all involved, both you and your parents. You should consult with a real estate attorney in the county where the property is located to determine the best method.
A: You would need the assistance of a real estate attorney to draft a proper Contract and Deed. Since you are purchasing the home, it would not be considered a gift. You would have the Deed prepared to reserve a Life Estate for your parents if that is what is deemed to be in everyone's best interest. I would schedule a consultation with an attorney to determine your best course of action. Best of Luck! Jennifer
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