What is the name of your state (only U.S. law)? Minnesota.
My mother and father in-law (both elderly) wish to put their home and lake property in my husband and brother in-laws (their youngest son) names to protect the property from going to the state in the event they need assisted living or from the other siblings from insisting it be sold upon their death. Buying out the other siblings upon my mother and father in-laws death is not an option. Unfortunately, my brother in-law has filed bankruptcy leaving my husband as the only person to which this property will be named to. Because my brother in-law has filed bankruptcy, he wants the property to now go into his minor sons name along with my husbands. His son will turn 13 next month. What are the ramifications of putting a minors name on property along with my husband who is 48 years of age? I realize this is complicated but I think it is a bad idea and want out if they insist on going in this direction. The state is Minnesota. My in-laws wish to complete this ASAP even though they dislike the "minor" idea, they also do not want to disappoint their youngest son.
My mother and father in-law (both elderly) wish to put their home and lake property in my husband and brother in-laws (their youngest son) names to protect the property from going to the state in the event they need assisted living or from the other siblings from insisting it be sold upon their death. Buying out the other siblings upon my mother and father in-laws death is not an option. Unfortunately, my brother in-law has filed bankruptcy leaving my husband as the only person to which this property will be named to. Because my brother in-law has filed bankruptcy, he wants the property to now go into his minor sons name along with my husbands. His son will turn 13 next month. What are the ramifications of putting a minors name on property along with my husband who is 48 years of age? I realize this is complicated but I think it is a bad idea and want out if they insist on going in this direction. The state is Minnesota. My in-laws wish to complete this ASAP even though they dislike the "minor" idea, they also do not want to disappoint their youngest son.