Best way to purchase 2nd home with in-laws?

[duke94]

What is the name of your state? Virginia. Father-in-law in Kansas. House is in Nevada.

My wife and I are trying to purchase a 2nd home with her parents. The goal is that initially because they will be using it more they will cover approx 66% of costs and us the rest. Over time as they get older we would use it more and assume more of the cost and them less. Their intent is to grant us as the sole heirs of the property (my wife has a sister and brother).

What should we do to make sure all the legal things are worked out? To ensure we get the property when they pass away. Is there anyway to limit our liabilty and theirs if either party were to go bankrupt or anything like that? If either party was to have a serious medical condition and the hospital tries to take the house. I am just throwing out worst case scenarios and wondering if there are legal avenues I can take to mitigate risk?

Thanks,

Duke

 

[HomeGuru]

What is the name of your state? Virginia. Father-in-law in Kansas. House is in Nevada.

My wife and I are trying to purchase a 2nd home with her parents. The goal is that initially because they will be using it more they will cover approx 66% of costs and us the rest. Over time as they get older we would use it more and assume more of the cost and them less. Their intent is to grant us as the sole heirs of the property (my wife has a sister and brother).

What should we do to make sure all the legal things are worked out? To ensure we get the property when they pass away. Is there anyway to limit our liabilty and theirs if either party were to go bankrupt or anything like that? If either party was to have a serious medical condition and the hospital tries to take the house. I am just throwing out worst case scenarios and wondering if there are legal avenues I can take to mitigate risk?

Thanks,

Duke

**A: consult with an estate/trust attorney.

 

[seniorjudge]

Q: What should we do to make sure all the legal things are worked out?
A: I agree with HG's advice and just want to add that you need an attorney who is familiar with the laws in all three states where all this stuff is going to happen. The law of the state where the real estate is located (for example) is the law that governs.

 

[duke94]

Thanks. I will try to find a estate/trust lawyer who is familiar with Nevada. Does anyone have any best practices or things that I should look out for when talking with one?

 

[HomeGuru]

Thanks. I will try to find a estate/trust lawyer who is familiar with Nevada. Does anyone have any best practices or things that I should look out for when talking with one?

**A: there are many books on the subject as well as information on the internet.

 

[seniorjudge]

Thanks. I will try to find a estate/trust lawyer who is familiar with Nevada. Does anyone have any best practices or things that I should look out for when talking with one?

Ask lots of questions and don't leave the lawyer's office till you understand everything.

 

[HomeGuru]

Ask lots of questions and don't leave the lawyer's office till you understand everything.

**A: but remember that you are being charged by the hour and the attorney's second hand is fast.

 

[seniorjudge]

**A: but remember that you are being charged by the hour and the attorney's second hand is fast.

But YOU need to remember that his first hand is faster!

 

[HomeGuru]

But YOU need to remember that his first hand is faster!

**A: well, I got to hand it to you, thanks for the first hand info and second hand statement.
And writer, do not forget that if you do not pay according to the second hand, the attorney may flp you the middle finger.