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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
