Another Real Estate Question

Discussion in 'Homesteading Questions' started by duke3522, Apr 8, 2005.

  1. duke3522

    duke3522 Well-Known Member

    Messages:
    227
    Joined:
    Nov 15, 2004
    Location:
    Indiana
    Hi Everyone,

    I have been reading the earlier posts about real estate transfer and thought maybe someone could point me in the right direction concerning our situation.

    The 3 acres that DW and I live on is owned by my father, and up until DW became ill we made regular monthly payments on a land contract. Dad now wants to go ahead and turn over the property to DW and myself. But we both have medical problems and she only has basic Medicare and I don’t have any insurance at all. So the possibility of one of us running up big medical bills is very real.

    So I was thinking that it might be possible to put the property into a trust that would give DW and myself life estates, and, after we pass on, would pass the property on to our son. Can anyone let me know how relativistic this is?

    Thanks
    Duke
     
  2. SteveD(TX)

    SteveD(TX) Well-Known Member

    Messages:
    5,373
    Joined:
    May 14, 2002
    You need to talk to a lawyer.
     

  3. duke3522

    duke3522 Well-Known Member

    Messages:
    227
    Joined:
    Nov 15, 2004
    Location:
    Indiana

    Hi Steve,

    Yep, that's in the plan for the first part of next month. I am just looking for a little advice as to the options I might have before I go talk to him. I guess my main problem is that I don't have a real high opinion of lawyers,.
     
  4. cc-rider

    cc-rider Baroness of TisaWee Farm Supporter

    Messages:
    2,143
    Joined:
    Jul 29, 2003
    Location:
    flatlands of Ohio - sigh
    My parent's have a trust, but I don't think it protects them from bankruptcy or anything.... it just transfers the property to the other when one of them dies.

    Can you just put the property in your son's name now??
     
  5. Cyngbaeld

    Cyngbaeld In Remembrance Supporter

    Messages:
    28,248
    Joined:
    May 20, 2004
    Location:
    SE Missouri
    Be real careful how you do this. Things don't always work out as planned. I know a couple who put a lot of their assets in their son's name, thinking to save him the taxes when they passed. He was killed in a car wreck. They then had to liquidate nearly everything to give it to his widow. They lost most of their assets and barely saved their home.
     
  6. jack_c-ville

    jack_c-ville Well-Known Member

    Messages:
    144
    Joined:
    Feb 19, 2004
    Location:
    Virginia
    Neither do I, except for when they are working for me.

    Most of the time when I see people try to play at being their own real estate attorney it ends in a horrible, messy disaster. They wind up having to hire a lawyer eventually anyway to sort out the mess that they made. The results are not unlike what would happen if someone tried to be his own proctologist.

    -Jack