DEAR HARRY: Some time ago, you advised an older reader not to transfer ownership of her home to her child.
I don't remember the reason, or even if it was a son or daughter. I thought: "What does he know about family relations? He's a money guy." Then I had a similar situation.
In 2009, I transferred my home to my only child, a son, primarily to save the Pennsylvania inheritance tax. My estate is not big enough to meet the federal minimum. I even protected my interest by getting a long-term lease at $10 a year. Now I know why you advised against it: He's having big-time credit problems that I didn't know about until yesterday. I wanted to get him to transfer title back to me, when he told me that there are liens on the house that exceed its value. I have lived in this house almost 40 years. Am I going to be forced to move?