Q: How do I give him my home without any future risks? Like, he dies and wife inherits. Co-owner? How to add to him deed?
I'm trying to figure out what the best option is. My son and his wife will make the many costly repairs needed on my home and pay the $25,000 worth of back taxes on it. Is there a way that my son can be part owner before my death, without complications? Or must the deed be done now & state his ownership for later? I don't want anyone to be able to sell, rent, or make me move.
Thanks SO much!!
A:
There are a few tools that can be used to help achive your goal of transferring the property to your son, while protecting it from the risk of a bad marriage or divorce later.
It would not cost much but there are special deeds, including a Life Estate, that can do what you want.
That is how I earn a living.
See a good property lawyer and they should be able to help you. It should be quick and easy and cost less than $2000.00.
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