Q: I would like or sell my townhome to my daughter and remain in the home. What are the issues?
I would be paying all insurance and taxes, upkeep. I would like to maintain a homesteader exemption.
I would like to have more available income to travel. Not interested in a reverse mortgage.
A: If you sell your home to your daughter, she, not you, will be entitled to the homeowner's exemption. Unless she is 65 or older, the elderly person's exemption will be lost. She could kick you out. She could lose the home to creditors or predators and they could kick you out.
A: It might be possible for you to have a life estate deed where your daughter is the rightful owner after you pass away and you have the right to remain in the house for life without her disrupting that. The right deed is very important as you do not want to lose the tax exemptions.
Contact an estate planning attorney.
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