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can always put the house in your son's name,pay for grandchildren college education,if his name is on your bank accounts,you dont have to do anything,he could use the money to bury you.
After you do your research find an estate planning attorney to finalize your plans. The problem is you do not know what you do not know. You will need a will, power of attorney, health directive, separate writing (part of the will). These should be inexpensive as they will pretty much be a boiler plate but modified for your needs and wishes.
I would be very careful in how you titled the home so be sure you have good legal advice. In my state best to leave it in your name only since going to a son, but that may not be the case in your state. Be sure what ever you do you can sell it without his consent and his creditors can not force a sale.
After you do your research find an estate planning attorney to finalize your plans. The problem is you do not know what you do not know. You will need a will, power of attorney, health directive, separate writing (part of the will). These should be inexpensive as they will pretty much be a boiler plate but modified for your needs and wishes.
I would be very careful in how you titled the home so be sure you have good legal advice. In my state best to leave it in your name only since going to a son, but that may not be the case in your state. Be sure what ever you do you can sell it without his consent and his creditors can not force a sale.
Something to think about is a nursing home would find my assets and suck up thousands per month wouldn’t they? In the event I needed to be placed into a nursing home at some point?
Can someone sell their home to their kid for a dollar?
Something to think about is a nursing home would find my assets and suck up thousands per month wouldn’t they? In the event I needed to be placed into a nursing home at some point?
Can someone sell their home to their kid for a dollar?
When my Dad died without a will in SC, the house was split between Mom and me. I'm an only child so I signed my share back to Mom when probate closed. I think we put $1 as the sales price on the bill of sale or whatever it is.
Something to think about is a nursing home would find my assets and suck up thousands per month wouldn’t they? In the event I needed to be placed into a nursing home at some point?
Can someone sell their home to their kid for a dollar?
Sure you could if you want to saddle them with a huge tax bill if they sell it.
Medicare looks back five years too and won’t pay your bills on anything deemed an illegal transfer
children often sell parents house to fund nursing home expenses.
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