Reply #1: Seniors with reliable and loving children [View All]

[SoCalDem]

should "sell" their homes to them BEFORE they become infirm.. I think there is a 4 year "window".. I have friends who have done this. The parents then pay "rent" to the kids.. The kids would get the house anyway, so why not do the "paperwork" early.. My friend and his brothers each took out seconds on their homes at very low interest to "buy" their parents' house. Their parents, pay them "rent" which is deposited into an account that they are also signatories to, so they don't lose out.. On paper they are not worth a lot, and the inheritance stuff is already taken care of because the kids already "own" it.. They get the deduction, and they have the peace of mind knowing that their parents' home will never be taken from them, since technically, they don;t own it anymore.