Mom in Ass't Living nolonger wants responsiblity of home ownership
Mom has a modest home in which one of my sisters is currently living and who is paying a nominal amount to help support the costs of Mom's care in the facility. We had always contemplated spliting Mom's assets equally between the three of us, and figured we would let sister #1 use her portion of the inheritance to purchase the home from the estate - giving the 2/3 proceeds to the other two siblings. Sister #1 does not have the means to buy the house now and would rely upon other assets in the inheritance to buy us out. Out of the blue, Mom says she no longer wants the house in her name. Any thoughts on the best way to transfer ownership? Home is valued at 180k and is in Florida. Total estate including the house, some life ins and cash is appx 700k. We are reliant upon the 700k to pay for Mom's care.
Thanks in advance for your thoughts.
jpjr
Mom has a modest home in which one of my sisters is currently living and who is paying a nominal amount to help support the costs of Mom's care in the facility. We had always contemplated spliting Mom's assets equally between the three of us, and figured we would let sister #1 use her portion of the inheritance to purchase the home from the estate - giving the 2/3 proceeds to the other two siblings. Sister #1 does not have the means to buy the house now and would rely upon other assets in the inheritance to buy us out. Out of the blue, Mom says she no longer wants the house in her name. Any thoughts on the best way to transfer ownership? Home is valued at 180k and is in Florida. Total estate including the house, some life ins and cash is appx 700k. We are reliant upon the 700k to pay for Mom's care.
Thanks in advance for your thoughts.
jpjr
Last edited: