Legal Question in Real Estate Law in Wisconsin

Re: buying my Dads house

He can sell it to you at some discounted price and then when it is deeded he can retain (or reserve) a "life estate" in the property. A life estate gives him the right to live on the property, and that right terminates when he dies. Before he passes he can terminate the life estate by quitclaiming it to you. You should consider whether it is likely that he might need to utilize Medicaid supported nursing home care in the future. If he does, in qualifying for Medicaid, the life estate will be considered in an evaluation of his financial situation and qualification for benefits. Talk with a Wisconsin licensed attorney and consider more than the real estate transaction - think about how it fits into his estate planning and later medical care situation.