Q: My grandmother wants to buy a property I eventually will inherit and what's the best way to go about the title?
My grand mother wants to buy a property in Florida and put my name on the title and have a joint tenancy if possible. She also said maybe it's better if the title is in my name and she has a life estate instead. She basically wants to know what's the best way to go about buying the property so that no one can sue her and take the property away?
A:
Great question and what a great problem to deal with!
One key component to many Estate Plans is creditor avoidance. Fortunately, there are several alternatives available to both of you, some of which require specific language to be included in the deed. In addition to Estate Planning services, our firm deals with Elder law planning issues and I am concerned that if your grandmother gives you the property, it could affect her eligibility to obtain certain governmental benefits, such as Medicaid.
It is probably appropriate for you and your grandmother to hire a qualified Estate Planning attorney who can point you quickly in the right direction.
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