Looking to protect investment in parents’ home

Ilyce Glink and Samuel J. Tamkin

Q: I purchased a dwelling for my mom and dad and was named on the mortgage alongside with my parents’ names even although I was the just one producing the payments. My husband and I not too long ago compensated the house off but realized that we aren’t on the deed because they are acquiring homestead exemption.

I’m not confident if we should be additional to the deed or if we ought to produce a believe in and name beneficiaries. Do you have an feeling as to how we can best protect our economic fascination?

A: We get variants of this dilemma pretty often. Typically, the problem comes following a parent has quitclaimed the house to a little one or if there is a second household. So, we’re happy you requested about this right before signing paperwork.