QUESTION
Mother is in probate after husbands passing and wants to buy a house in my name (son) with the insurance to protect it from seizure. Is this legal?
Asked on May 26th, 2015 on Real Estate - Texas
More details to this question:
My stepfather recently passed. He and my mother were in heavy debt, but thanks to life insurance and his Social Security, my mother has a little money to live on. However she has no house as the old one had to be liquidated to pay a portion of the debt. She wants to purchase a house and feels that she should put it in me name so it cant be taken from her. SHe lives in another state and I would not be able to pay or repair the residence. Is this a good idea, or is there a better option?
1 ANSWER
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This is really a question of your comfort. If she wants to give you the house, then she can. It is possible that some issues could arise around avoiding creditors, but it largely sounds as though she would have those problems anyway. Assuming that you gain a satisfactory level of comfort from the transaction, then you should contact an attorney to do the paperwork.
Answered on May 27th, 2015 at 5:56 AM