I would be real careful on how you are doing this. I would have a lawyer involved RIGHT now. The trouble is that they can transfer the property to you but if they become ill then you may have to pay back the value they gift you.
The State and Feds look real close at any real property transfers for five years prior to them needing any government help. IF you where giving market value then there is ZERO issue but where you are NOT giving full market value it would cause a major problem.
That problem could be you having to pay them the amount they "gifted" to you. In other words the full market value of the house less what you already gave.
You almost need to buy it like a foreclosed property would be handled.
Then are your going to give them a life estate on the house??? At 70 years old they could live into their nineties real easy. Even if they are living in a home they would still be the owners of the house until they died.
Had a friend that got into this with his parents. They split the farm house off of the farm many years ago. Then he give them a life estate on the house. They both went into a nursing home for over 15 years. HE had to pay them an amount each month that was equal to what the house would rent for until they died. That is how the Federal program works as the life estate had a value until they died.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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