Legal Question in Real Estate Law in Wisconsin

Purchasing a parent's property

My father(a widower) is in a nursing home because he is considered incompetent from Alheizemers. His farm needs to be sold and we would like to keep it in the family. If we were willing to pay the amount it is appraised for on his property tax statement, would that be a sufficient price, or does it have to put it on the market and sold to the top bidder? Once my father's money has been spent down to his last $2000, we can apply for state assistance. I understand the state will double check to make sure we his assests were transferred legally. Although he has a will and a life insurance policy, I believe everything will have to be used for his care before we can get state/federal assistance. We feel bad that we have to purchase what we would have inherited if he could have stayed living on his own. However, since that is no longer possible for him to live safely on his own, we need to know how to purchase the farm legally and and the lowest price.


Asked on 1/30/05, 7:36 pm

1 Answer from Attorneys
Mark Mahoney Cassiani Law Office, Wise Shepherd Law Office

Re: Purchasing a parent's property

Greetings,

Thanks for your inquiry, but this is a case that cannot be advised on properly via the internet. There are too many variables as to value of property, how many children, father's needs, legal documents in place, etc. etc. One example. You did not say whether he had a financial power of attorney permitting an agent to sign a deed. If not, a guardian would have to be obtained to sell the property, and that has related issues and pros and cons.

You should retain an attorney to see for certain what alternatives you have at this point. There may be some ways to save some assets for the family, but more facts are needed to know.

Best wishes, Mark J. Mahoney 920-984-4529

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Answered on 1/31/05, 12:41 am


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