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[quote=Anonymous][quote=Anonymous]It’s better to inherit the house or sale proceeds. You don’t want ownership because that comes with tax obligations. [/quote]

Agree.  One big issue is that if you put your name on the deed now, you are equally liable for taxes on the property.  Even if he can't pay them, you become liable.  Also, if he is late, it will affect your credit.  If you inherit when he passes, you acquire the property with a stepped-up basis so you will owe less if/when you decide to sell the property.  If you have your name on the deed, if/when you sell, the profits will be measured against what he bought it for rather than the market value when you inherited the property.

If you don't understand a lot of this, then you and your father should consult with an estate planner to help you figure out to handle his affairs, while he is still mentally competent enough to make reasonable and responsible decisions.  You really don't want to deal with this when he has started to decline.  I am fortunate that my father did get his affairs in order about 20 years before he passed.  The last 5-7 years, he would not have been competent to do so and Mom is not particularly financially cognizant.  Now, in her later years, she doesn't have to worry about the estate because the paperwork is all in order.  Every few years, my brother or I talk with her about her finances and whether she wants to make any changes.  [/quote]

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