Lawyer told me I made a smart move

If your aim is to avoid estate taxes or end of life costs (look back period can be over five years for Medicaid reimbursement from nursing home ) his ownership will save half the equity

If your son drives drunk and hurts someone - you can lose your house!

I recommend an umbrella policy (cheap) to cover lawsuits above and beyond what homeowners pays

Last Edited by Theobromine on 11/16/2018 08:43 AM

“We know a thing or two, because we’ve seen a thing or two.”

“WE...ARE...FARMERS...bum bum-bum bum bum bum bum!”

lol, bad move. I did that, now my dad is claiming he we never in it together 40/60. All the money that I invested in the house.. Poof gone ... without a trace... I don't know what you are talking about. lol

There are negatives.....example, if I want to sell, and he doesn't, The lot cost 8000, and maybe worth 100.ooo someday, he might want half even though he did nothing. My initial reason was that it could throw a wrench in the wheels if a 3rd party got any unscrupoulos ideas.

Don't do it. It's a headache.

Is your son a juvenile?

i disagree. set up an estate or a trust. it'll keep your property out of probate if you die and will make transfer of other assets simple and mostly tax-free depending on how it's set up. include a will that incorporates the trust and vice-versa so that your wishes are carried out as planned.

Farmers know more about estate planning and land succession than most people. Think about it