Expert: Dick Dennis - 7/19/2009

Question
Mom is 78 in good health and state of mind, my brother has been living with her for last 3 years. We would like to have house transferred to him but he can not afford market value. Can we do this somehow on paper and legally  for less. She has 6 children. She would be staying in the house until her health fails. The house is worth $175,00.

Answer
It is strongly suggested, Judy, that you take this matter to a local ESTATE attorney. The attorney would most likely make sure that the other 5 children do not want any interest in your mother's house. Plus the conveyance of the title to the house would be done properly and everybody's interests would be protected, especially your mother's.

One way of doing this is to have the attorney create a Revocable Living Trust. Your mother would be the Trustee of the Trust. Then it would be decided who would be the succeeding Trustee upon the demise of your mother. So, actually no money has to be changed hands at all. It is simply creating and paying for the Trust and recording a few documents. It certainly is much cheaper than "selling" the house to your brother or anyone else and your mom can stay there forever. I do wish you well.

Dick Dennis
dixiedee13@aol.com