Can Mom "buy me out" of co-owned house?
Can my mother "buy me out" of shared assets? I'm asking about our co-owned house, but we also put both our names on both car titles. We co-own some livestock (no titles, but plenty of bills). I'm thinking it would be similar to married couples getting a divorce and dividing assets. We would use an atty and realtor to create a legit paper trail. Even if it's possible to transfer the house to me later (2 yrs of caretaking rule), I can't afford it and would have to sell anyway. If she owned the house outright, I could save my credit rating if she needed to just walk away due to a NH move. There may not be much equity, if any. We're having a hard time getting comps in this market. Most in the area have big house on land, or little house on small lot. We have little house on land and those aren't selling. I know she can't gift assets, but what about buying them? We don't know how many years we're looking at here, but it could hit the 5 yr lookback period. Nobody knows. Lot's of discussion about losing a shared house, but I'm not seeing anybody who sold their interest to legally transfer money. What am I missing?