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Father Needs Help |
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Dear Ms. Lank, My father owns a condo in Las Vegas. His wife was just moved to a hospice. Without her retirement income my father will have trouble paying his condo fees.
He has asked me to pay those fees and he will put the condo in my name to have possession when he dies. They have no wills but there are other heirs involved. How can I make sure I receive ownership of the condo when they die? |
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Perhaps your father is thinking of putting the condo in your name now (assuming he’s the only owner) and retaining a life interest.
Unless you receive a deed now, I know of no way to insure that the property will eventually be yours. Even if there were a will, it could always be changed up to the last minute, or challenged by an heir who felt unfairly treated. Remember, though, I am not a lawyer and your own attorney may have other information.
If there’s no mortgage on the property, or only a small amount, and if your father is at least 62 years old, he might solve his problem by getting a reverse mortgage loan. He could keep ownership, receive monthly payments, and build up a gradual debt against the property. No repayments would be due until he died or moved out. |
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Edith
Originally published on July 7, 2006 |
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