My question involves real estate located in the State of: New York
My moms house is in a irrrevokable lifetime estate with myself brother and sister. My husband and I moved in the residence to help her out one year ago. Now we wish to purchase the home from my two siblings. They have both agreed and we all agreed on a purchase price. To avoid capital gains taxes for them, I was told that I can buy out their interest in the Trust? How does that work?
What implications would this have on a bank lending me money to renovate the home? Can I still get a mortgage? Who would pay the property taxes? Mom is 87 and I have every intention of keeping her in the home.
My moms house is in a irrrevokable lifetime estate with myself brother and sister. My husband and I moved in the residence to help her out one year ago. Now we wish to purchase the home from my two siblings. They have both agreed and we all agreed on a purchase price. To avoid capital gains taxes for them, I was told that I can buy out their interest in the Trust? How does that work?
What implications would this have on a bank lending me money to renovate the home? Can I still get a mortgage? Who would pay the property taxes? Mom is 87 and I have every intention of keeping her in the home.
Buying Out Siblings Interest in a Life Estate While Mom is Living
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