Updated about 6 years ago on .
DEED TO RELATIVE WITH BAD CREDIT/TAX PROBLEMS
I am in contract to buy a second home. My son and family will live in the home. My problem is deciding how to title the deed. He has a job and makes a decent income, but has unpaid hospital bills of 100k because of a hospital stay with no insurance a few years ago. He also owes federal and tax bills of about 50k. He has been irresponsible in the past. The past few years I have seen improvement, But he has not completely recovered from past mistakes. If I title the house in my name, there is a $7000.00 yearly property tax increase and a $1000.00 yearly insurance increase because I will not be residing in the house. If I title the house in his name, I am concerned he will loose the house to creditors who. I have considered LLC or revocable trust in my name. I plan to talk with an attorney about this before closing. Ideas from the BP community before talking to an attorney will help guide me.