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I am married man who resides in Florida. My grandmother sold…

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I am married man who...
I am married man who resides in Florida. My grandmother sold her primary residence and is gifting me $120,000 cash to purchase a home, in my name, for my mom to live in. My grandmother & mother cannot have any property in their name which is why she is gifting money to me. Our family wants to ensure that this property is held as separate property for the benefit of my mother. What is the best way to execute this to ensure this is separate?
Submitted: 3 months ago.Category: Estate Law
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Customer reply replied 3 months ago
The reason why my mother and grandmother cannot have property in their name is ***** ***** will affect their federal medical benefits and assistance.
Customer reply replied 3 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 3 months ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 5 hours by:
4/3/2018
Estate Lawyer: Barrister, Attorney replied 3 months ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 42,596
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

She just needs to give it directly to you, and you put it in an account in your name only so it is your gifted funds and retains its separate characterization. Then when you purchase a house, put it solely in your name so it again retains its separate characterization as your sole property. Gifts and inheritances remain the separate property of the recipient.

.

So when you got the money, that is a gift and your separate property...then when you buy a house in your name with your separate gifted money, it remains your separately owned house..

.

.

thanks

Barrister

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Customer reply replied 3 months ago
Thanks Barrister.If something were to happen to me (say death or incapacitation), what would be the best way to ensure that my mom and grandmother are beneficiaries to this property? Would I have to put this in a trust and specify that?
Estate Lawyer: Barrister, Attorney replied 3 months ago
You could either leave it to them directly in a will. Or you could do a transfer on death deed where they automatically become the owner upon your death.
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Estate Lawyer: Barrister, Attorney replied 3 months ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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