2007-03-29 08:51:15 · 4 answers · asked by shernorm415 1 in Family & Relationships ➔ Family
I beleive that if he signs a quick claim deed , this is really only putting the home itslef in your name not the agreement to re-pay the payments ........... he won't lose his home though by doing this because he will still be responsible under the finance agreement with the loan Co .
2007-03-29 08:59:20 · answer #1 · answered by remigirlrotweiler 1 · 0⤊ 0⤋
You need to check with an attorney but here in Ohio your dad can deed over your property to you while retaining a life estate. This means that although you legally own the property you can not sell it unless he validates the sale or passes away. There are also tax laws on the books in most states that allow him to bequeath so much each year to his heirs. He can use this to lower the sale price of the home by bequeathing equity built up. Check with a local tax and/ or estate accountant for additional ideas.
2007-03-29 09:16:04 · answer #2 · answered by Sarah W 2 · 0⤊ 0⤋
Please check with a real estate attorney- Each state is different on what they will and will not allow nursing homes to do. It also depends on whether he has exhausted all other financial means, or is on Medicaid/ medicare, etc.
Good luck.
If he is out of $$ and makes a cent off the house, I think they can have a right to the funds or profit of the sale of a property that is or was in his name.
2007-03-29 08:56:54 · answer #3 · answered by juicy13500 3 · 0⤊ 0⤋
check with a lawyer Fast!
my Aunt was in Indiana, and signed her stuff over to one daughter... they took Everything that the daughter had! if he is already in the nursing home, its likely the state will take the house to cover the bills
2007-03-29 09:30:17 · answer #4 · answered by bronzebabekentucky 7 · 0⤊ 0⤋