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Old 02-05-2013, 11:44 AM
 
Location: Central Maine
2,867 posts, read 3,214,169 times
Reputation: 3993

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I am looking to purchase a 2-family duplex with my 28 year old son. My wife and I will live in one side, my son and his fiance' (or wife) will live in the other. There will be no mortgage as I am paying cash and we will split expenses (taxes, insurance, utilities etc) between us. It will be deeded to my wife, myself and my son. I was told that I should deed the property to a trust, this way if in the future I or my wife go into a care home, the care home cannot lien/garnish the property. Any thoughts on any of the aforementioned?
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Old 02-05-2013, 11:46 AM
 
Location: Ocala, FL
4,540 posts, read 7,303,672 times
Reputation: 4529
I suggest you speak with a Real Estate attorney.
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Old 02-05-2013, 11:59 AM
 
Location: Florida -
9,863 posts, read 12,411,545 times
Reputation: 20506
You should probably prioritize your objectives (and motives). It seems like one of your primary goals is to remove the duplex from your asset base, in the event you OR your wife must go to an ALF/Nursing home. But, that should only be an issue if you are planning to eliminate all of your assets and pay for your care under Medicare/Medicaid (?)

- Do you believe that you might need some of those assets later for living expenses and/or healthcare. In that case, you might want to retain ownership control. Once you clearly identify your objectives and motives, a good Real Estate Attorney will be better able to help you achieve them.
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Old 02-05-2013, 09:22 PM
 
Location: Portland, Oregon
10,666 posts, read 18,075,040 times
Reputation: 7429
Actually an attorney who specializes in elder law would be the best.

Putting the property in a trust really wouldn't protect the estate from Medicaid, putting it in a trust where the son is the grant-or trustee might but what if he and the intended have issues?
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Old 02-06-2013, 07:55 AM
 
Location: Lexington, SC
4,281 posts, read 11,464,725 times
Reputation: 3737
I know a fellow whose Dad owned (and lived) in the duplex he and his family lived in. The Dad gave him a good deal on the rent. Later when the fellow wanted to retire he had no equity in any property (house) to sell and said that in the long run he should have been buying a place (building equity) versus renting from his Dad.
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Old 02-06-2013, 11:58 AM
 
Location: North Idaho
26,190 posts, read 34,761,939 times
Reputation: 54803
Something else that has to be considered. If the son and wife split up, she might end up with the duplex you thought you were buying for your son. So, you might want to consider protecting against that possibility, also.

And the possibility that he wants to sell and you don't. Or the other way around. All of that has to be worked out before you proceed.
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