My mother recently bought a condo in FL and we, my wife, 3 year old child and I, live together. My mother does not have any income source(no...

Question

My mother recently bought a condo in FL and we, my wife, 3 year old child and I, live together. My mother does not have any income source(not even SS or retirement) we pay for all the living expenses as well as the condo fees, dues and taxes. I would like to have a legal bond with my mother that is irrevocable

Answer

You and your mother may consider being joint owners with right of survivorship in the condo, perhaps a living trust, or other option based on your complete circumstances. We suggest you discuss these issues and objectives with a lawyer experienced in estate planning.

Answer

I am not sure what your actual question/legal issue is. Please contact my office at 904-371-3538 or email me at [email protected]/* */ for a free consultation.

Answer

Sounds to me you might want the title to the condo to reflect you name and hers with right of survivorship - this will bypass any probate and will be your upon her passing. contact my office if you need assistance with this.

Answer

Best to add you on deed as Joint Owner with right of survivorship.

Answer

Your mother's concerns should also be considered, therefore be sure to check with specialist in Elder Law since Joint property with your mother could imply: a. Loss of Medicaid qualification if she applies; b. Either party being able to transfer their ownership percentage without the other's consent; c. Either party commencing a partition lawsuit to divide the property- should there be a falling out; d. no step up in tax basis upon your mother's death - hence possible higher income tax to you upon future sale. Don't forget that if a mortgage is on the property, that the bank are refusing the transfer under their Due on Sale clauses (see 17 or 18 of your standard mortgage) and may accelerate the entire debt immediately if you do not obtain their approval. Hope this helps.