Looking to protect investment in parents’ home

Ilyce Glink and Samuel J. Tamkin

An estate attorney can offer more insight into specific situations.

Q: I purchased a home for my mothers and fathers and was named on the mortgage loan together with my parents’ names even nevertheless I was the a single making the payments. My partner and I not too long ago paid out the property off but realized that we aren’t on the deed due to the fact they are getting homestead exemption.

I’m not sure if we really should be added to the deed or if we need to develop a have faith in and identify beneficiaries. Do you have an impression as to how we can very best shield our monetary desire?

A: We get variations of this concern rather often. Normally, the question will come just after a parent has quitclaimed the property to a little one or if there is a second household. So, we’re happy you asked about this before signing files.