Legal Question in Wills and Trusts in Texas
Estates and partial home ownership
I am buying a new house and am considering adding my granmother to the mortgage to receive senior tax breaks. She has a will that states in the event of her death my wife will receive her estate. If my wife is no longer living then I will recieve it. What are the ramifications of doing this and what sort of problems should I be prepared for in the event of my grandmothers death?
1 Answer from Attorneys
Re: Estates and partial home ownership
What if your wife divorces you before your grandmother dies? What does your wife's will say?
Will you use your grandmother's age to abate your taxes? Will your grandmother be a joint owner, and if so, what is her undivided interest? Will the house be your grandmother's homestead, or simply your homestead? What sort of tax breaks are you envisioning? What happens if she's co-owner and has to go into a nursing home?
Those are just some of the ramifications, off the top of my head. I'm sure there are many others.
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