Karen LeBlanc
Junior Member
What is the name of your state? Florida/Michigan
Please bear with some of the "story" to explain this situation. My parents (who live and own property in Florida as well as ,have some investments and money markets ect) became concerned that in the event they were incapacitated in any way they wanted someone they trust to be able to make payments and pay bills ect. They added me to the title of their home, as well as, to their bank account and investments. They also were interested in a plan that would not involve probate in the event of their demise. It was my understanding I was added as a precaution in the event they needed assistance. This was done about 5 years ago.
Mom unfortunatly passed away this year and Dad has moved to Michigan to be closer to family. He still owns the Florida place however, he finds himself unable to afford both places. ( Of note, I am a U.S. citizen living in Canada as a Landed immigrant.) Dad would like to keep the Florida home in the family but cannot afford the overhead so he has gone to all my siblings and asked if any one was interested in purchasing the place. All 5 siblings are not interested so my husband and I are considering purchasing the property.
I have concerns in a few areas of this situation: First of all, what are the implications for me being on all dads assets regarding income tax ect. All account info and statements are provided soley to my dad. He does have a will and I am knowledgable what his wishes are concerning his assests. In the event of his demise, with the way things are set up now, what are the ramifications for me regarding taxes ect? I really do not want any financial surprises down the road for either of us.
Also with regards to purchasing the home, I am on the titile with dad and he thinks that we should leave the title as is because Florida is documented as his primary residence and he receives the homestead exemption. Dad has offered a very fair purchase price and is interested in receiving payment per month for the property. He would continue to have full access, as would the family. This transaction would fulllfill his desire to keep the place in the family while not having the financial burden of the property. It appears to be a win, win situation, however, I am aware that things are not always as they appear. I am uncertain if keeping the titile in both names is the best thing to do if we decide to purchase.
WOW this is a wordy one! I apprecitate ANY direction you can provide.
Thanks in advance for your patience in reading this.
What is the name of your state? Florida/Michigan
Please bear with some of the "story" to explain this situation. My parents (who live and own property in Florida as well as ,have some investments and money markets ect) became concerned that in the event they were incapacitated in any way they wanted someone they trust to be able to make payments and pay bills ect. They added me to the title of their home, as well as, to their bank account and investments. They also were interested in a plan that would not involve probate in the event of their demise. It was my understanding I was added as a precaution in the event they needed assistance. This was done about 5 years ago.
Mom unfortunatly passed away this year and Dad has moved to Michigan to be closer to family. He still owns the Florida place however, he finds himself unable to afford both places. ( Of note, I am a U.S. citizen living in Canada as a Landed immigrant.) Dad would like to keep the Florida home in the family but cannot afford the overhead so he has gone to all my siblings and asked if any one was interested in purchasing the place. All 5 siblings are not interested so my husband and I are considering purchasing the property.
I have concerns in a few areas of this situation: First of all, what are the implications for me being on all dads assets regarding income tax ect. All account info and statements are provided soley to my dad. He does have a will and I am knowledgable what his wishes are concerning his assests. In the event of his demise, with the way things are set up now, what are the ramifications for me regarding taxes ect? I really do not want any financial surprises down the road for either of us.
Also with regards to purchasing the home, I am on the titile with dad and he thinks that we should leave the title as is because Florida is documented as his primary residence and he receives the homestead exemption. Dad has offered a very fair purchase price and is interested in receiving payment per month for the property. He would continue to have full access, as would the family. This transaction would fulllfill his desire to keep the place in the family while not having the financial burden of the property. It appears to be a win, win situation, however, I am aware that things are not always as they appear. I am uncertain if keeping the titile in both names is the best thing to do if we decide to purchase.
WOW this is a wordy one! I apprecitate ANY direction you can provide.
Thanks in advance for your patience in reading this.
What is the name of your state? Florida/Michigan
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