State: Kentucky
What We Have Done:
My uncle who is 80 years old of sound mind and body though two recent mini strokes has purchased a home "cash" this month $111,000 which I (nephew) shall live in and make principal only payments on a monthly basis at an agreed amount. It is intended that he will live with me should he become further disabled at some time in the future. The balance due upon his death is to be forgiven.
Questions:
1.) What steps do we take to protect this property in the event he has another stoke or other health matter that leaves him in a condition beyond my ability to care for him. For example if he would end up in a nursing home?
2.) Should we put this property in some form of "trust" while we are in this period?
Any and all help would be appreciated.
What We Have Done:
My uncle who is 80 years old of sound mind and body though two recent mini strokes has purchased a home "cash" this month $111,000 which I (nephew) shall live in and make principal only payments on a monthly basis at an agreed amount. It is intended that he will live with me should he become further disabled at some time in the future. The balance due upon his death is to be forgiven.
Questions:
1.) What steps do we take to protect this property in the event he has another stoke or other health matter that leaves him in a condition beyond my ability to care for him. For example if he would end up in a nursing home?
2.) Should we put this property in some form of "trust" while we are in this period?
Any and all help would be appreciated.