Legal Question in Wills and Trusts in Colorado

My Mom is one of four children. My grandmother passed away almost 20 years ago, and my mom has been living in her house, per my grandmothers' wish. My mom has taken out a loan in order to pay off her siblings from any ownership they might have to the house. The house is not worth much, in fact if they were to try to sell it, it would not pass inspection. So she will not be giving her sisters and brother much money, which she is afraid will make her brother quite volitile. What kind of paperwork should my mom have drawn up to have her siblings sign once they have a check for the house in hand? Would she speak to a real estate lawyer or an estate lawyer? How do taxes for something like that work; if she is taking out a loan on the house, but handing over the majority of it?

Please help!

Thank you,

Farah


Asked on 8/20/09, 11:38 am

1 Answer from Attorneys
Bernard Greenberg KOKISH & GOLDMANIS, P.C.

Your Mom should visit with an estate planning lawyer ASAP to prevent a family disaster from occurring. The longer she waits the more chance that this will create problems and animosity.

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Answered on 8/25/09, 2:38 pm


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