Posted by Natalie-VA on March 11, 2007 at 13:29:09:
Denise,
I’m not an attorney. It’s my understanding that it’s much better from a tax perspective to inherit property from someone as opposed to buying it or having it gifted prior to the person’s death.
With that said, who will be grandma’s heirs? It sounds like your husband will not be the only heir.
I would encourage grandma to go to an estate planning attorney to get her affairs in order. It’s important for her to prepare in advance for how she wants her assets distributed.
my husband and i are trying to buy his grand mothers house in florida. a mortgage broker told us to have her add us to title, then refinance (so that we can get extra money to fix up the place, which is needed) then take her name off of the title. this sounded good to us, but she won’t go for it. she wants to sell us the house but remain on the title and still live there FREE!! the house is big enough for all of us and we don’t mind her staying there, but she won’t do a joint tenant title. which is better joint tenant or tenants in common? she has other children and grandchildren that are not in the picture right now, but i have a feeling they will be when she passes. any suggestions on how we can all get what we want? (her on title but house goes to us after she passes)