• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Best Way?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

gutterballed

Junior Member
What is the name of your state (only U.S. law)? Texas

My grandfather is still living, and would like to will me his house. He currently has a lein against it from the IRS that they are trying to transfer for a cash option, and mortgage the house for the cash option to lower payments and write off interest.

He also has the property taxes held at the current rate because his age.

The house is also going to need repairs and updates due to it age. The rest of my family is not wanting to get involved, so I am willing to help as long as the house is willed in full to me.

what is the best way to handle this so that I can have the house given to me at the price of the lien/mortgage at his time of death? Alos, how should I handle the repairs?

There is also a large amount of item in the house that I would liketo rertain possesion. Is there a way to include that?
 


curb1

Senior Member
Not too difficult. Have him will the house to you. When you get the house you will need to decide if it is worth more, or less, than the obligations against it. You need to quantify the exact obligations against the house. That should be done right now. The house may not have any value whatsoever. But, that is something you should know right now. Until you know the numbers this discussion has no meaning.
 

gutterballed

Junior Member
Amounts

The value of the house is 175K, the lein is 95K repairs are 15K. I would like to make improvements in the anount of 50-60K.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top