Legal Question in Business Law in New Mexico

additional name on new home title,pros & cons

My parents will be purchasing a new home,they are in their late 70's. Is there any advantage to adding one of our names if not all three of us kids names to the title. If there is any financing it wouldn't be very much. Their both in pretty good health, and we'd be spending most of their savings, but somewhere down the road I wouldn't want to lose their assets to the state for health related care.


Asked on 1/10/03, 5:05 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Re: additional name on new home title,pros & cons

If your parents are clear on what they want to happen to their assets upon the death of the last of them, one plan used is to purchase the asset in the names of their intended beneficiaries [all 3 children?], reserving to themselves a Life Estate. Under such an arrangement the children are unable to do anything with the asset until the last parent dies. You may call if you want further information.

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Answered on 1/11/03, 5:13 am


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