Updated over 7 years ago on .
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Personal Residence in Trust
My home that I currently live in is owned by my wife's father-in-law (through her mom's marriage to him). He is getting on in his years and placed the home in his trust. It is to be inherited by my wife upon his passing. Our concern is that her stepbrother is shady and could be possibly trying to manipulate her father-in-law to change his trust to give him the home after his passing.
He has stated in the past that he would sign the home over to us via a quit claim deed. Couple of issues. First is that our credit is dinged up so we could not qualify for a loan right away. Working on our credit now. But more importantly, what tax implications would there be for him if he deeded us the property? Also, I am assuming the mortgage company could call the loan if they so choose.