This is a question for your tax attn. and or legal counsol. Sorry, I do not have the answer for you. Pam Baker

You should discuss your parents' wishes with them before making any decisions. You should also discuss some of your legal concerns with an Attorney that speacilizes is Real Estate and/or Estate Planning.

Perhaps they can put the home in your name prior, perhaps they have funds/life insurance set aside to off-set costs, or perhaps their is enough equity in the home that you can draw to pay certain costs. You may also want to think about whether you would rather sell the home or keep the home. There are a lot of decisions to be made here.

As a man who has lost a parent and as a local Realtor the best advise I can give you is to make time to sit down and discuss your concerns with your parents now. It's not an easy conversation to have but it might be one of the most important ones. Also, find an Attorney that you can trust. I hope that this helps you out. Let me know if there is anything I can help with. Take care.

good morning amber......i suggest recording a quit claim deed from the grandparents to include ownership with joint rights of survivorship to you, your husband and both grandparents......that way, when they pass, you can record an origional copy of their death certificate at the register of deeds and the remaining survivors would then have fee simple interest in the property........same when the second grandparent passes.....there would be no purchasing since you already would have an interest.....and also, no probate court involvement...since they have probably lived there a long time.you may want to pull a title search just to see if the deed is in order, with no surprise liens, etc.....if there are issues, it would be a lot easier dealing with them prior to grandparents passing....i have no idea what to suggest about tax implications other than to consult an accountant...i hope that helps.bob mcclure- success mortgage partners- plymouth, michigan.......

Greetings,
Your questions are relative to estate planning and unless someone steps forward with some matter of fact expertise you need to talk to an attorney.

Why would you not transfer ownership before they pass? You can always issue them a life estate interest in the property if they are uncomfortable about changing the deed in advance of their departure. (This is a very sensitive issue. Hopefully you are not also dealing with dementia which would raise a whole 'nother set of issues.)

You can definately Google everything you need to find with regards to your issues but a good probate, estate planning attorney is where you should begin. Research Trusts and see if that could be the instrument you need.

Good Luck,