2006-06-21 13:25:21 · 5 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Unless he steps in to pay them for you he does run some risk in losing it. At the very least, any mortgages must be kept current and the property taxes must be paid.
You might consider deeding it over to him now, with an agreement that you will pay all bills while you are able do do so, and can live there for the rest of your natural life. You might need to structure it so that you pay "rent" equal to the mortgage and tax payments. That way if you should become destitiute, any creditors won't be able to attach the house, again as long as the mortgage and taxes are paid.
Consult with an estate planning attorney for guidance on what options you may have. There are complex rules that come in to play with medicaid should you become seriously ill and not be able to pay the medical bills. An attorney is aware of these and can structure a solution for you that will protect your estate and your son's investment in the property.
2006-06-21 13:39:11 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
on the exterior I even ought to consider the different responders. pay off the mastercard debt then tear them up. yet really the right answer will be more advantageous complicated than that. in case you pay off the mastercard debt and then turn round and rack up more advantageous debt on the charge playing cards, you do not have any further something to illustrate on your issues. regrettably, a lot of human beings fall into that capture. can no longer help spending the money they do no longer have. Now in case you position the money right into a Roth IRA account, that money is going to be fairly confusing to get to contained in the destiny and is more advantageous veritably secure from being spent. In different words that is an funding on your destiny. the turn away is that you'll nevertheless have that miserably mastercard debt racking up pastime at a fee that is way more advantageous than you could assume to receive on any funding you would make on your IRA account.
2016-10-20 11:56:00 · answer #2 · answered by speth 4 · 0⤊ 0⤋
your property is part of your estate....your creditors will receive funds from the sale of your property.....If the equity isn't there, then yes he will lose some or all of his investment.
You might consider how title is held on your property. An atty can tell you if your son's interest can be protected if he is on title as JTWROS as opposed to Tenants In Common.
2006-06-21 13:32:25 · answer #3 · answered by Paula M 5 · 0⤊ 0⤋
Yes
2006-06-21 13:28:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Possibly if you don't have insurance.
2006-06-21 13:51:38 · answer #5 · answered by redunicorn 7 · 0⤊ 0⤋