My mother's home is worth around $400k, but I'm pretty sure that she has multiple mortgages on the thing and it may be underwater at this point. She also has some stocks and other funds that my brother and I are likely to inherit when my mom passes. My mom has said that she is leaving the home to me and my question is whether I will get the house value or whether I will have to pay the mortgage(s) off so that the gift will be worth nothing or less than nothing.
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The Editor, Mark Bernardin, is an attorney living in MA. Please send your suggestions or comments to: TheEditor@malawforum.com
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