Should we put my father-in-law's house in our name.?

You should take your father in law to an estate planner. This person would place your father in the best possible way to pass the house and and any other items or financial instruments such as bank accounts,savings and insurance.

One of the best ways is to have your father-in-law prepare to pass property and other financial instruments to his heirs is to set up a Revocable Living Trust. This trust would help in the event your father in law become mentally or physically unable to make financial decisions, as he would be required to name someone to handle his estate in the event he is unable to make intelligent decision about the property. This person could be your husband or anyone your father in law would have faith enough in to carry out his wishes.

With the trust your father in law would be able to make any and all decisions concerning the property as long as he is physically and mentally able to. This would include any refinance or possible sale of the property.

The trust would also prevent the property from having to go through probate, thus saving probate attorney fees and any possible court cost.

For legal and tax matters you should contact your attorney and tax consultant.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Yes- you have left a lot out. Really there is no way to supply us with enough information. Someone needs to sit down with him and with both of you. They need to go over all the paperwork involved and all of your money issues and tax issues and thoughts about the future.

There are huge questions about what is best for you and your family and for him. If he currently owes 29000 plus 92000 on the home then that totals 121000 and you say it is only worth 120,000. If the 29000 is included in the 92000 then there is an equity- but not a huge one. Term life means that the insurance policy will not remain valid forever- it could expire when he is 75 or 80 or whatever- then he would not have life insurance of any amount.

Families that make this kind of decision without extremely qualified advice often make huge mistakes that costs them lots of money. If you live in the US and this house and the life insurance is pretty much all you are going to inherit then don't worry about inheritance tax.

The loans are worth more than the value. If he passed away tomorrow I cannot see that there is anything to inherit. I would not put my name on the house & make myself liable for the amounts due. Perhaps you should move & he should declare bankruptcy. Before making any more payments suggest you spend the money on a lawyer & learn the law of your state re this problem.

Any answer you receive here is questionable without know the appropriate state laws.

This is not your decision to make. You need to consult with a lawyer to see how to make a transfer -- if your father-in-law will even sign off and i think he would be crazy to do so unless all the legal ramifications are explored with an attorney.

Best of luck and do it the right way. Ask a lawyer, not a yahoo.

All loans have a due on sale clause. If you put the home in your name the bank can treat this as a sale and call the loan due.

The regulation of advertising and buying property fluctuate from usa to usa, so it relatively is extremely annoying to declare approximately your subject as you have not pronounced with regards to the rustic. yet whilst considered legally he can not sell domicile without your permission yet whilst your call is in nominee then he can do it. i think of you're able to choose for some expert suggestion. in case you do not prefer to employ lawyer, you could choose for various internet site.

You do not, above all, want to intermingle your finances in any way with that of your FIL's. HE (and you) need to see an estate attorney to figure out the best estate plan for him (and you). This is a complex subject not suited for "do it yourself" solutions.

no, just wait his life ends, if his house was mortgaged, of course, it has an insurance and when he dies it is automatically paid off. just help him on his current/daily needs