In article ,
"Janie" wrote:

Forget this idea because you will live to regret it. What if something ever
happens with your job and you are forced to move? Yes, you say your job is
secure, but stuff happens.

You have not been living with your parents. Are you certain everyone can
adapt to this new situation? Why don't you consider moving in with them for
a while but still keep your place just in case you want to move back there.
Give the living together thing a try first.

I did live with my folks for three weeks when I had to take a medical
leave from work. I slept in my old bedroom. Initially, I was concerned
that my parents and I wouldn't get along, but we were fine and they even
tolerated my cat, who stayed with me during that period.

Think about the situation with your parents. What would happen if you did
meet somebody? Would that person be agreeable to living with your parents
until both of them die? Are you also willing to live and care for your
parents for the rest of their lives? You say you father will most likely
outlive your mother, but can you be certain?

Of course, nothing in life is certain. My dad could get hit by a truck
on his way home from the gym; he still works out several times a week.
My parents are not asking me to care for them the rest of their lives;
their medical insurance provides for care, but I would absolutely be
there to help, even if we continued to live in separate homes.

JMHO, but your parents shouldn't give up their money and put the house in
your name. What happens if any of you are not happy with the living
arrangement after you buy the new house? Are you going to be able to return
your parents' money and still keep the new house?

More than likely, we'll get a duplex. If my folks move out (to a nursing
home, for example), or I get a job outside this area (very unlikely),
then the vacant half can be rented out. Either way, we will not take on
a mortgage that neither of us can handle if the other isn't available.

Have you considered that your sibling may be agreeable to this because she
doesn't wish to assume any responsibility for your parents and view this
arrangement as a key to avoiding responsibility? What happens if one of
your parents actually has to go to a nursing home? You don't know what may
happen in the future. As much as you want, it isn't always possible to care
for an aging parent at home. Do you know the cost of providing in-home 24-7
care? Will your parents have the money to pay for their care if they put
so much money into buying a new home with you? Will your sister be willing
to contribute to their care if necessary when you received such a large gift
from your parents? Have you considered the money for the house is going to
be a gift to you and any tax event that may be created?

I have to look into the financial angle, but my dad said he and his
accountant spent quite a bit of time figuring this out. I hold a high
degree of trust in my parents, but I will certainly look into any tax
liabilities as we get closer to looking for a house.

What happens to your parents if you should happen to die first? You are
making a lot of assumptions. Could they afford the upkeep, taxes, and all
utilities on their own?

I will leave them as a beneficiary on my life insurance. I also have
enough money in my 401K to pay cash for the house, so I would adjust my
will to leave them that money and the house would be paid off.

My opinion, I'd run from this situation at Olympic speeds. Buy your own
house. Live your own life. Make your own decisions. You may be getting a
nicer house but it is going to come with strings, very long strings. Buy
something you can afford on your own so you are free to do as you please.

However, if you do decide to buy the new house with your parents, be
certain all involved see their own lawyers and consider all aspects of the
situation.

Absolutely! Thank you.