Full question:
MY WIFE AND I LIVE WITH HER PARENTS, TO TAKE CARE OF THEM. IN RETURN WE WERE TOLD THAT THE HOUSE WE ALL LIVE IN WILL BE GIVEN TO US FOR THIS DEED. THIS HOUSE SITS ON 115 ACRES, AND MY WIFE HAS 3 BROTHERS WHO BE SPLITTING THE PROPERTY IN EQUALY AMOUNTS. MY QUESTION IS WHAT DO I NEED TO DO TO PROTECT MY SELF ONCE ALL THIS DONE. MEANING MY INLAWS HAVE PASSED ON. I PERSONALLY DONT BELIEVE MY BROTHER INLAWS CAN AFFORD THE TAXES, OR MAINTAIN THE PROPERTY. NEED SOME HELP AS TO WHAT I NEED TO DO TO PROTECT MYSELF. AND OF COURSE THEY ARE ALL IN AGREEMENT NOW WHILE WE ARE TAKING CARE OF THEIR PARENTS, I KNOW THE WHEELS WILL BE COMING OFF THE WAGON AFTER THEY ARE GONE. THANKS
- Category: Wills and Estates
- Subcategory: Property of Estate
- Date:
- State: Texas
Answer:
The promise of inheritance in exchange for caregiving can be legally supported. Property can be transferred through various means, including a gift, will, or trust. The method chosen depends on your in-laws' wishes and legal capacity to sign documents. If a life estate is created, it may affect Medicaid eligibility based on how it's structured. A life estate with the power to sell allows you to manage the property without restrictions, while one without such power may limit your ability to sell it.
If your in-laws intend to make a gift while alive, the court will evaluate whether the power of attorney was followed correctly. The agent has a fiduciary duty to adhere to the principal's instructions. It's essential to consult a local attorney to review your specific situation and documents to ensure your interests are protected.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.