As brief as possible: I am 68 years old. Trying to wait until 70 to retire to max out my SS. I own my home outright (value approx $250k). Health not the best. My stepson would like to give me $40k for 25% of my home value whenever I pass away, so that I may retire now instead of @70. Is this plausible, and if so, how would I go about doing this? Would I add him to my deed, or put this in my will? I want it so both my stepson and I are both covered legally. Thanks in advance for any suggestions.
Hi,
This is an interesting question and I would have thought something would be legally possible, I just don’t know how. As it is a legal matter, it is best to seek legal advice. You may also like to look into reverse mortgages (do your due diligence) as a way of unlocking equity.
I imagine there will be taxation consequences of co-owning, and stamp duty issues. Again, best to talk with a lawyer.
Bye,
– Steve
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Given your situation, it’s certainly possible to structure an arrangement that allows your stepson to invest in your home while ensuring both parties are legally protected.
Consult a Lawyer: This is the most crucial step. Consult with a real estate attorney who is familiar with your local laws. They will be able to provide tailored advice and help you navigate the legal aspects of this transaction.
Again, it’s crucial to emphasize that seeking professional legal advice is paramount in this situation. A qualified attorney can help customize this arrangement to your specific circumstances and ensure that both you and your stepson are protected legally.
You might want to explore the option of setting up a life estate https://rentola.com.au/blog/rent-increase-what-are-the-maximum-allowed-notice-requirements-for-each-state. This would allow you to retain the right to live in your home for the rest of your life, while your stepson holds a remainder interest.
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