Wife & I want to buy the house from our 90 year old parent.

by Jerry
(Spokane, WA)

What is the best way to buy a house on a 10 year payment plan from my wife's 90 year old father?


His total net worth is $200K in Arizona.
He's in pretty good health but could die at any time.
He's starting to become forgetful.
He doesn't need the money from the asset yet.
Giving him fair value so as to not upset my brother-in-law. (about $70,000.)
Wait to inherit the property and maybe be better positioned to not pay inheritance tax?
Making payments and properly writing a formal payment contract to account for the transfer upon his death?
Maybe utilize a living trust for the property or payments?
He has a will and currently brother-in-law has total power of attorney for his finances.
Any input of ideas is very welcome.

Thanks, JH

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Mar 12, 2012
Is estate tax an issue?
by: Mo

Hi, well, you need to determine whether there could be an estate tax issue or not -- either at the state or federal level. It appears you father has few enough assets that there wouldn't be an estate tax issue at the federal level, but I don't know about whether there might be an issue of Arizona estate tax. If so, your dad might want to consider a QPRT Trust.

Those are a couple things to think about. But, the bottom line is you raise a number of different issues especially when you get into fairness with your brother. I think you should talk to a local estate planning attorney or financial planner familiar with local property and estate planning laws and strategies.

Good luck!

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