House Question.. elderly father passed away .. elderly mother needs financial help

[ppe]

I would probably be cleaner to go the more official route and have a proper closing with her giving you a gift of equity, rather than having her "sign it over" after you pay off the loan. In other words, make it a proper sale with the loan being paid off as part of the closing process. It just makes it a bit more official and therefore less likely to raise flags down the road. You could even consider giving her a life estate in the property since she would be giving you a gift of equity (give her the legal right to live there for the rest of her life or until she is no longer physically able to do so).

Ah…yes !! Thank you !! this is the kind of advice I need !! I don’t have much experience with this type of situation. I was pretty much all set with everything until life kind of threw a curve ball. I didn’t even know my parents were struggling financially. Everything was kept secret until my dad’s recent passing.

 

[ppe]

Your mom should speak with an elder law attorney before making any decision about her house.

Yes… agree !! Thank you

 

[quincy]

I am sorry to hear about the recent death of your dad. Your mom is lucky to have you looking after her, especially at this time of year when the loss of a loved one can be most painful.

You are smart to consult with an elder law attorney. The attorney can help your mom and you go over her options and help guide your mom to a decision about her house that is in her best interests, both personally and financially.

 

[ppe]

I am sorry to hear about the recent death of your dad. Your mom is lucky to have you looking after her, especially at this time of year when the loss of a loved one can be most painful.

You are smart to consult with an elder law attorney. The attorney can help your mom and you go over her options and help guide your mom to a decision about her house that is in her best interests, both personally and financially.

Thank you !!