Legal Question in Wills and Trusts in Texas

Re: Gift to Son

Generally, I see no problem with your gifting 1/2 of the note to your son. If there is a chance that you may need to qualify for Medicaid benefits to enter a nursing home within 5 years, then there are some issues to consider before making the gift, as it may disqualify you from obtaining Medicaid benefits for a period of time.

Also, there may be some language in the note preventing you from making this gift.

I am not clear on your proposed "right of survivorship." Do you mean you want to give him a 1/2 interest in the note now, and the rest when you die? If so, it should bypass probate, if the gift instrument is worded properly.

Before making the gift, I would advise you to have an attorney review your owner financed note and your estate and health situation to make sure that this plan meets your goals and needs.

Please feel free to call me at my downtown Victoria office to discuss the matter further.