Legal Question in Real Estate Law in Indiana
Acquiring a parents home
For several reasons I would like to acquire my mother's home. She also wants to give it to me. She is not near death, therefore this is not a plan to get around inheritance taxes. The house is paid for but she cannot afford to pay the taxes and insurance. I would like to use the home's equity for my own personal finances. How do I do this with minimum cost to both her and I?
2 Answers from Attorneys
Re: Acquiring a parents home
Depending upon whether you and your mother want her to continue to have an interest in the home, the fastest way is for mother to quitclaim it to you, herself and you as joint tenants with rights of survivorship or to herself for life and remainder to you. Once you have the deed recorded (costs about $15) you could apply for a loan at the bank. Where you will run into a problem is if your mother needs long term care and to apply for medicaid within the next few years, when she might be ineligible for a period of time due to transfer of the house.
Re: Acquiring a parents home
The previous answer is applicasble but fails to consider your needs and those of your mother. She may not desire to relinquish title. Other quick methods of transfer are available ..such as transfer with resrvation of a life estate. You should seek at least a consultation with a competent atty in your locale before proceeding on your own.
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