We own our personal home outright. It is worth 200,000. We are signed on two other homes, we did loans on to build and then sell. They are now built and could not sell and they are now foreclosing on those two homes, we could not sell them with the market being down, we will owe large defiencies. If we sell our current house for cash, then give our kids the cash as gifts
(we have 6 grown kids and can jointly give them all $24,000 each). will that at least protect that cash.. as we believe they will be coming after our home, as we have equity
in it, and that way we at least gave money to our kids for their current college. We live in Utah. My mom said she will buy the home from us, as she can get a loan from a bank. She then will rent
to us. She will own the home, we will pay her rent, but at least we will have the $185,000.00 she buys it for. The title will be in her name with a mortgage, and we will have money for the kids as gifts? Will they be able to take the home or cash?