I already have a consultation with an attorney scheduled, just wanted some input from the peanut gallery.
My father passed away earlier this month, and luckily after listening to me, he had a will prepared. I am getting his home but he asked me to allow his wife to live in it until she passes. I don't have an issue with that. The will isn't being contested.
1. What do I need to do to transfer ownership of the home to me? The home is paid off.
2. What's the best way have his wife live in the home and ensure that taxes and insurance are paid. I have another rental property and my initially thought is to draw up a lease agreement and treat it as a rental. Her "rent" would be the annual amount of the property taxes and insurance.
3. My primary concern is maintenance on the property. I'm not looking for cash flow from this property but I want all expenses covered and to not have to come of pocket for a home that isn't generating income. Any ideas on how to handle this?
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My father passed away earlier this month, and luckily after listening to me, he had a will prepared. I am getting his home but he asked me to allow his wife to live in it until she passes. I don't have an issue with that. The will isn't being contested.
1. What do I need to do to transfer ownership of the home to me? The home is paid off.
2. What's the best way have his wife live in the home and ensure that taxes and insurance are paid. I have another rental property and my initially thought is to draw up a lease agreement and treat it as a rental. Her "rent" would be the annual amount of the property taxes and insurance.
3. My primary concern is maintenance on the property. I'm not looking for cash flow from this property but I want all expenses covered and to not have to come of pocket for a home that isn't generating income. Any ideas on how to handle this?
Sent from my SM-S918U using Tapatalk