Can our kids inherit our Villages Home?

[petiteone]

Does anyone know if our under 55 yr old kids can inherit our home in The Villages and spend vacations there after we pass ?

[retiredguy123]

They can definitely inherit the house. The age restriction only applies to residing in the house. As far as vacations, it depends on how long they reside in the house, and whether they comply with the under 55 residence exception rules, which are not consistently enforced or easy to understand. Apparently, not all residents need to be over 55.

[JohnN]

Yes, they can inherit the house. Senior 55+ communities have a provision to allow for 20% of the population under the age of 55. Children under 18 cannot live here full-time but visits only.

[retiredguy123]

Yes, they can inherit the house. Senior 55+ communities have a provision to allow for 20% of the population under the age of 55. Children under 18 cannot live here full-time but visits only.
Yes, but who decides whether or not you can be included in the 20 percent? Is this rule ever enforced?

[SIRE1]

I keep hearing about the 55 and over residency rules, but after we bought our resale home I soon realized it doesn't really matter.

First of all, the rules say that 20% of the residents can be under the senior age limit. So with a population of over 120,000, that means that 24,000 can be under the senior age limit. That is a LOT of people. Second, no one checked the age of the buyers and I'm sure there is absolutely no list anywhere of the "current" age of each home owner. Have you ever heard of prospective buyers being told that they can't buy a home because they are too young?

So with the very large numbers who are eligible under the 20% rule and the fact that no one actually knows the numbers of current resident ages, the theory that there is an age limit is all marketing and not reality. Just like our gates. But since most of us who bought here are seniors, this place is a Great place to live.

[Vikingjunior]

As big as TV is I find it would be impossible to monitor that 20%. Even if they did figure a way to monitor this 20% they would have a hard time throwing someone under 55 out if they're already living in TV.

[tuccillo]

I am not sure but they might be able to monitor ages via the resident ID cards.


I keep hearing about the 55 and over residency rules, but after we bought our resale home I soon realized it doesn't really matter.

First of all, the rules say that 20% of the residents can be under the senior age limit. So with a population of over 120,000, that means that 24,000 can be under the senior age limit. That is a LOT of people. Second, no one checked the age of the buyers and I'm sure there is absolutely no list anywhere of the "current" age of each home owner. Have you ever heard of prospective buyers being told that they can't buy a home because they are too young?

So with the very large numbers who are eligible under the 20% rule and the fact that no one actually knows the numbers of current resident ages, the theory that there is an age limit is all marketing and not reality. Just like our gates. But since most of us who bought here are seniors, this place is a Great place to live.

[Gulfcoast]

Is the rule no one under 18 or is it no one under 19? I thought that I heard at one point that it was no one under 19 could live in TV.

Also, if people under the age of 55 live in TV, are they also using amenities (pickle ball courts, golf, rec centers, etc) other than family pools?

[Carla B]

I am not sure but they might be able to monitor ages via the resident ID cards.

That's what I think, also, although I don't remember how buyers disclose birth dates. Maybe by having to show their Drivers' Licenses?

[Tmarkwald]

As big as TV is I find it would be impossible to monitor that 20%. Even if they did figure a way to monitor this 20% they would have a hard time throwing someone under 55 out if they're already living in TV.

At least one person residing in the home must be 55+ - it is in the covenants. The 20% is to allow for spouses that may be left when the qualified 55+ resident passes away.

[Gulfcoast]

As far as age goes, you can check the Florida voting records for any given street to get a general feel for the age of people residing on that street. If the person isn't a registered voter in Florida then they won't appear on the list of course.

[tuccillo]

It has been some time since we bought and I don’t recall exactly what happened at the closing but I believe we may have had to show our driver’s license.

That's what I think, also, although I don't remember how buyers disclose birth dates. Maybe by having to show their Drivers' Licenses?

[Tmarkwald]

The only reason why the 55+ was investigated by me was because my spouse is under 55.

And there are title restrictions only allowing ownership by 55+ - I am sure that can be overcome as waivers are granted by he-who-must-not-be-named..

I would certainly check with Tv to get the official word though!

[Gulfcoast]

I would imagine that at least some of the early 20 somethings listed as residents in TV are college kids who live away at college during the school year but use their parents' address in TV as their permanent address.

[davem4616]

your kids will inherit whatever you leave to them...make sure you have a Florida will though

can they live here....ya

but what difference does it make...the kids will most likely sell the joint anyway and use the cash for something they want

our kids will get whatever is left after we've enjoyed having the time of our lives

what they choose to do with it is up to them

[Mortal1]

an equally salient point is that even if you leave the kids the house they will still have to pay the taxes on it's worth. This from a tax expert(cpa). now I hope they are wrong, but it doesn't sound like a good thing.

[Gulfcoast]

an equally salient point is that even if you leave the kids the house they will still have to pay the taxes on it's worth. This from a tax expert(cpa). now I hope they are wrong, but it doesn't sound like a good thing.

Do you mean property taxes if they choose to keep the property? Or is there some kind of inheritance tax on the property?

Our kids aren't anywhere near 55 so I don't see them wanting to keep a house in an over 55 community if something were to happen to me and their dad. But I also don't see them wanting to deal with the taxes, maintenance and upkeep on the fairly large house that we have now - our current house is in a regular suburban Florida neighborhood and we are seriously thinking of downsizing to TV. Hopefully, my husband and I will be around for a long time but we've seen from friends/family that that is not always a given. Rather than deal with the logistics of it all during a crisis, I'd prefer to simplify things while we're still young, reasonably healthy and can think through it all together. Our kids are still college age and their focus in the coming years will need to be on working hard and getting started out in life. If they want to come live near us or even with us for a time, fine, but they won't have to worry about us in TV.

[MrFlorida]

Your kids can inherit it, but will most likely sell it. Young folks don't want to live with us old timers.

[Tmarkwald]

As I mentioned earlier, the covenants state the rules. Which could be amended.

We purchased our home from a gentleman who inherited it when his dad passed here in TV and he designated as the trustee for the property.

He was not eligible to live in TV because he was only 50. He did not fight it with TV, he just put it on the market.

As far as taxes, he got hammered because homestead exemption went away and he was stuck with the entire tax bill. But it comes out at closing and is paid then, so nothing out of pocket for him.

I don't know the right answer when it comes to preparation. When I lost my parents, we had already moved them into an independent living place and they could do what they wanted. We liquidated all the real estate and I took ownership of the remaining car, so all I had to deal with at the end was working the trust without real property.

From conversations with others, if there is any way to ensure that all your assets are liquid, it is much easier to deal with in estate. Another thing as well is to move liquid assets into accounts that would not be part of the estate.

Sobering stuff, but in short, a good estate attorney can help you protect your beneficiaries from a massive tax hit when you go to enjoy the pleasures of the afterlife :)

[Gulfcoast]

As I mentioned earlier, the covenants state the rules. Which could be amended.

We purchased our home from a gentleman who inherited it when his dad passed here in TV and he designated as the trustee for the property.

He was not eligible to live in TV because he was only 50. He did not fight it with TV, he just put it on the market.

As far as taxes, he got hammered because homestead exemption went away and he was stuck with the entire tax bill. But it comes out at closing and is paid then, so nothing out of pocket for him.

I don't know the right answer when it comes to preparation. When I lost my parents, we had already moved them into an independent living place and they could do what they wanted. We liquidated all the real estate and I took ownership of the remaining car, so all I had to deal with at the end was working the trust without real property.

From conversations with others, if there is any way to ensure that all your assets are liquid, it is much easier to deal with in estate. Another thing as well is to move liquid assets into accounts that would not be part of the estate.

Sobering stuff, but in short, a good estate attorney can help you protect your beneficiaries from a massive tax hit when you go to enjoy the pleasures of the afterlife :)

If the adult child(ren) inherit the property and they already live in Florida would they still lose the homestead exemption?

[LuvtheVillages]

If the adult child(ren) inherit the property and they already live in Florida would they still lose the homestead exemption?

Yes.
To get the homestead exemption, you have to actually live in the house on January 1.
So you can only homestead one property.

[Vikingjunior]

I always wondered how this isn't age discrimination which is one of the protected classes. Imagine a community opening up and saying only people under 55 can live here.

[Marathon Man]

I always wondered how this isn't age discrimination which is one of the protected classes. Imagine a community opening up and saying only people under 55 can live here.

Because the Housing for Older Persons Act (HOPA) allows 55+ communities to exist.

[rjm1cc]

Since it is important I think I would write to the HOA and tell them what you want to do and ask for an answer in writing that you can put with your estate papers.
As far as inheriting, the answer is yes.
A number of homes are being rented. I assume not all have a renter over 55. If nothing else they might be able to rent to them selves.

[Tmarkwald]

I always wondered how this isn't age discrimination which is one of the protected classes. Imagine a community opening up and saying only people under 55 can live here.

The establishment of over 55 communities dates back to the Fair Housing Act of 1968 (FHA) which, among other things, sought to prohibit discrimination in housing based on race, gender, religion, or age.

[Bogie Shooter]

Since it is important I think I would write to the HOA and tell them what you want to do and ask for an answer in writing that you can put with your estate papers.
As far as inheriting, the answer is yes.
A number of homes are being rented. I assume not all have a renter over 55. If nothing else they might be able to rent to them selves.

What HOA?

[retiredguy123]

I always wondered how this isn't age discrimination which is one of the protected classes. Imagine a community opening up and saying only people under 55 can live here.
The Federal law prohibiting age discrimination only covers people over 40.

[rustyp]

The rule in Florida is an over 55 community must have at least 80% of the "units" (not people) be occupied by at least one person over 55 or older. Thus one spouse being 55 and the other being 50 as example qualifies as part of the 80%. The remaining 20% of "units" can be any age as long as no resident is under 19 years of age in either category. I can't imagine TV is anywhere near close to 80/20. Thus no reason your children can't inherit your house as long as they obey the 19 year old rule.

[petsetc]

At the sake of trying be concise (and not doing too much research), I believe the Federal Standard say that to be a 55+ community, at least 80% of the units must have one resident 55 or older and that requirement is not tied to ownership.

As to over under 19, that is an internal deed restriction imposed by the developer who is responsible for its enforcement and is not a part of Federal or Florida code. Specifically, no one under the age of 19 may spend more than 30 calendar days living in TV. Within the "rules" there are other age related restriction such as no one under 30 at adult pools et al.

FWIW

[JoMar]

In 1999 the United States Department of Urban Development published the FEDERAL Regulations implementing the Housing for Older Persons Act of 1995. HOPA states that the minimum standard to obtain housing for persons who are 55 years of age or older status is that “at least 80%” of the occupied units be occupied by persons 55 years or older. There is no requirement that the remaining 20% of the occupied units be occupied by persons under the age of 55, nor is there a requirement that those units be used only for persons where at least one member of the household is 55 years of age or older. Communities may decline to permit any persons under the age of 55, may require that 100% of the units have at least one occupant who is 55 years of age or older, may permit up to 20% of the occupied units to be occupied by persons who are younger than 55 years of age, or set whatever requirements they wish, as long as “at least 80%” of the occupied units are occupied by one person 55 years of age or older, and so long as such requirements are not inconsistent with the overall intent to be housing for older persons. Started by the Feds, not by The Villages, not by the State of Florida.

[CoachKandSportsguy]

As far as taxes, he got hammered because homestead exemption went away and he was stuck with the entire tax bill. But it comes out at closing and is paid then, so nothing out of pocket for him.

Sobering stuff, but in short, a good estate attorney can help you protect your beneficiaries from a massive tax hit when you go to enjoy the pleasures of the afterlife :)

Reads like alot of hyperbole! Descriptions of florida estate and inheritance taxes in the link below would indicate that he got quite alot of inheritance, which he had to pay if over $11M

When Are Beneficiaries in Florida Liable for Inheritance Tax | DeLoach, Hofstra & Cavonis, P.A. (https://www.dhclaw.com/library/when-are-beneficiaries-in-florida-liable-for-inheritance-tax.cfm)

Where do these massive tax hits come from which you stated? In florida there is very little estate tax, but the inheritor must pay the property taxes after ownership is transferred. That should not be considered massive unless, their was a large financial inequality such that the inheritor couldn't afford the property taxes on his/her income.

That would seem massive but not really be massive. Sounds more like wanting to display expected perceptions about taxes to avoid any appearance of a large inheritance, after getting a very large inheritance, if the truth were known.

sportsguy

[Topspinmo]

They can definitely inherit the house. The age restriction only applies to residing in the house. As far as vacations, it depends on how long they reside in the house, and whether they comply with the under 55 residence exception rules, which are not consistently enforced or easy to understand. Apparently, not all residents need to be over 55.

You really think there is age restriction in villages?

[richdell]

We have two kids in their mid-30s, one in Colorado and one in Ohio. I expect they'll sell the house and split the proceeds. :thumbup:

[Boilerman]

an equally salient point is that even if you leave the kids the house they will still have to pay the taxes on it's worth. This from a tax expert(cpa). now I hope they are wrong, but it doesn't sound like a good thing.

Sure they’ll owe property taxes for the time the kids own the property but the cost basis of inherited property is the value of the home at the time the property is inherited. So if the property is sold within a short time, capital gains taxes would be minimal.

[RICH1]

You are honest! It's what kids do!

[thevillages2013]

The rule in Florida is an over 55 community must have at least 80% of the "units" (not people) be occupied by at least one person over 55 or older. Thus one spouse being 55 and the other being 50 as example qualifies as part of the 80%. The remaining 20% of "units" can be any age as long as no resident is under 19 years of age in either category. I can't imagine TV is anywhere near close to 80/20. Thus no reason your children can't inherit your house as long as they obey the 19 year old rule.

Apparently the under 19 rule is not being enforced anymore either. We have a 6 person family across the street from us with 3 dogs , a cat, 3 cars including a 7 year old child that has been living there full time since November. We notified community standards months ago but nothing changes. They go to the pool all the time so they have to have a guest pass for the child which means they have to be lying about the address of the child

[airdale2]

May allow it if its in their deed restrictions

[Tmarkwald]

Reads like alot of hyperbole! Descriptions of florida estate and inheritance taxes in the link below would indicate that he got quite alot of inheritance, which he had to pay if over $11M

When Are Beneficiaries in Florida Liable for Inheritance Tax | DeLoach, Hofstra & Cavonis, P.A. (https://www.dhclaw.com/library/when-are-beneficiaries-in-florida-liable-for-inheritance-tax.cfm)

Where do these massive tax hits come from which you stated? In florida there is very little estate tax, but the inheritor must pay the property taxes after ownership is transferred. That should not be considered massive unless, their was a large financial inequality such that the inheritor couldn't afford the property taxes on his/her income.

That would seem massive but not really be massive. Sounds more like wanting to display expected perceptions about taxes to avoid any appearance of a large inheritance, after getting a very large inheritance, if the truth were known.

sportsguy

I was referring to property tax only, homesteading, etc.. I know nothing of the inheritance, I only know that without the homestead exemption it was a couple thousand more.

[thevillages2013]

May allow it if its in their deed restrictions

May allow what?

[Gullwing]

We had an under 55 couple in our neighborhood. Nice folks.

[Villagesgal]

I keep hearing about the 55 and over residency rules, but after we bought our resale home I soon realized it doesn't really matter.

First of all, the rules say that 20% of the residents can be under the senior age limit. So with a population of over 120,000, that means that 24,000 can be under the senior age limit. That is a LOT of people. Second, no one checked the age of the buyers and I'm sure there is absolutely no list anywhere of the "current" age of each home owner. Have you ever heard of prospective buyers being told that they can't buy a home because they are too young?

So with the very large numbers who are eligible under the 20% rule and the fact that no one actually knows the numbers of current resident ages, the theory that there is an age limit is all marketing and not reality. Just like our gates. But since most of us who bought here are seniors, this place is a Great place to live.

In answer to your comment about ever hearing that someone couldn't buy a home here due to their age..
We had to wait till the new year to purchase our lot and have our home built because we were 46 and 50 and they had already reached the 20% allowed. We also had to sign documents stating our correct ages and they took copies of our driver's licenses. So yes, they do check and they do limit those under 55. You weren't asked because you were obviously over 55. We received a letter from the Villages when my husband turned 55, so yes they do keep track, but only of those under 55.
Any child can inherit a home here, anyone over the age of 19 can live here as their permanent residence if the 20% under 55 has not been met. As far as those under 55 using the house as a vacation home, there are no regulations regarding that as long as they are over 18.

[bruce213]

I have friends that were both in there 40s when they bought a new built home here.

[Brg1956]

Federal Law & Florida Statute requirements for Housing for Older Persons as a 55+ community
1) At least 80% of the occupied units are occupied by at least 1 person age 55 or older
2) Vommjnity published and adheres to policies and procedures to demonstrate intent to be 55+
3) Community complies with rules established by HUD for verification of occupancy.

When you buy your house you sign an age verification. The Covenants determine who can obtain a temporary ID and proof of ID is required

[diva1]

The only reason why the 55+ was investigated by me was because my spouse is under 55.

And there are title restrictions only allowing ownership by 55+ - I am sure that can be overcome as waivers are granted by he-who-must-not-be-named..

I would certainly check with Tv to get the official word though!

When we bought a new home here my husband was over 55 and I was not. No problem. Yes, your kids can inherit.

[SusanMYun]

At least one person residing in the home must be 55+ - it is in the covenants. The 20% is to allow for spouses that may be left when the qualified 55+ resident passes away.

That rule is not enforced. There are several new buyers in our village where both are under 55.

[mikeritz53]

Yes, but who decides whether or not you can be included in the 20 percent? Is this rule ever enforced?

The Villages like every 55+ Community is requires to allow up to that %, but we are no where near that number.

[TandHSTAR@AOL.com]

They can inherit and use as a vacation place. As long as they keep paying all amenities, and keep up the outside of the house ie cut grass, take care of shrubs, etc. so the place does not look neglected or run down. After all the rest of us have to live here and would not like a house next door looking neglected.

[bjd0105]

Yes my husband and I are in our 40's and we inherited our home in Summerhill.

[Girlcopper]

It has been some time since we bought and I don’t recall exactly what happened at the closing but I believe we may have had to show our driver’s license.
Im sure you showed ID. All financial transactions require one. Not just a house

[J1ceasar]

as someone who has actually researched the facts. There's a federal law concerning 55 plus communities. They have to be surveyed by management at least every two years or they lose their ability to restrict living in them for those under 55 and especially in not having school age children. Most HOAs include this fact in the book that you must sign when you buy your house, generally school age children those under 18 can only live here for 30 days or less once a year, therefore they do not need to have schools for children. This is not to say that there are certain grandmothers taking care of newborns in their homes to help out their daughters. Your home can certainly be inherited by anyone you decide to give it to, but they may not necessarily be able to live here full-time, but they certainly can enjoy it for vacations. Again this is a federal law and not a state law I am not a lawyer but I've well read about this. Lastly I don't understand people buying the biggest investment of their lives and not reading the HOA rules and regulations and actually understanding them

[J1ceasar]

Hopefully by the time you die they will be much much older and will love to live in your house

[J1ceasar]

Quick call the exterminator

[J1ceasar]

That's why you maintain some life insurance for your kids benefit to help with all these unknown expectations

[J1ceasar]

Certainly he could have moved into TV. As long as he did not have 18-year-old or younger children still

[Barefoot]

Is the rule no one under 18 or is it no one under 19? I thought that I heard at one point that it was no one under 19 could live in TV.Age 19.

[butlerperkins@gmail.com]

2021 0310 Wed @ 09:59
My son (25 years old) is on the deed to my house. He had to sign papers during settlement (which he had overnighted back to TV). He will, when he comes down in late March / early April have to visit the Brownwood Paddock Square information center to have his photo ID made. A pass to get through the gates already awaits him.

[thelegges]

Our first home sold thru MLS to a couple, age 35 and 31. We had no idea until after cash sale.

Our oldest is buying in the new area, both are 50. When he questioned rules he was informed that the 20% under 55 is not close, and with the additional homes being built everyday, will probably never achieve the 20%.

[SharonSB]

I can check with the real estate lawyer but I wonder if you are being extra cautious in recommending a Florida lawyer or if you know this for certain. I have a home in New York (snowbird) and a Will drawn up by a lawyer there. Since my will is pretty cut and dried with 50% of all assets going to each of my two kids I figured I was covered.

[The Mountaineer]

Wouldn't refusing to allow someone who inherits a home in The Villages and live there because there are younger than 55 a pure case of age descrimination. A lawyer would have a field day with that one if The Villages' ruling family tried to prevent an under-55 child from living in a home in The Villages that the own, or even vacationing there for 4 months every winter as I did for year (by renting)!

[LuvtheVillages]

I can check with the real estate lawyer but I wonder if you are being extra cautious in recommending a Florida lawyer or if you know this for certain. I have a home in New York (snowbird) and a Will drawn up by a lawyer there. Since my will is pretty cut and dried with 50% of all assets going to each of my two kids I figured I was covered.

Florida laws are different than other states.

If you are a Florida resident, you need a Florida will drawn by a Florida lawyer. Your New York Will may not do the job.

If you are still a New York resident and pay taxes to the State of New York (why would anyone do that?) then you should be ok.

[GeeWhiz]

As big as TV is I find it would be impossible to monitor that 20%. Even if they did figure a way to monitor this 20% they would have a hard time throwing someone under 55 out if they're already living in TV.

The following is provided without further comment: "While these communities focus on serving older Americans, they must still follow fair housing laws and the Equal Credit Opportunity Act (ECOA), prohibiting age-based discrimination."

[Neils]

To avoid the high inheritance tax hit, just spend all you money having fun now, including using a reverse mortgage from our friend the daily advertiser, then there will be nothing much left to tax

[tbat111]

your kids will inherit whatever you leave to them...make sure you have a Florida will though

can they live here....ya

but what difference does it make...the kids will most likely sell the joint anyway and use the cash for something they want

our kids will get whatever is left after we've enjoyed having the time of our lives

what they choose to do with it is up to them

Best Response Ever!!!

[rmd2]

Yes, but who decides whether or not you can be included in the 20 percent? Is this rule ever enforced?

The rule doesn't appear to be even though Federal Law requires records to be kept on the 20/80% and young felons appear to be very welcome here.

[rmd2]

As big as TV is I find it would be impossible to monitor that 20%. Even if they did figure a way to monitor this 20% they would have a hard time throwing someone under 55 out if they're already living in TV.

In order to comply with Federal Law that prohibits more than 20% under age living here records are required to be kept. It appears that "records" are not being kept. If they were we would know the ratio of where we are with the 20/80%. After many discussions on this issue the ratio has never been disclosed to us by the developer.

[Joe C.]

Instead of waiting for your children to inherit your house when you die, why not put them on the deed (as tenants in the entirety) with yourself as the owners? You should be able to do this with a lawyer, and have the revised deed recorded in the town or county. The developer wouldn't be involved until the children need a Village ID upon your passing.

[rmd2]

In 1999 the United States Department of Urban Development published the FEDERAL Regulations implementing the Housing for Older Persons Act of 1995. HOPA states that the minimum standard to obtain housing for persons who are 55 years of age or older status is that “at least 80%” of the occupied units be occupied by persons 55 years or older. There is no requirement that the remaining 20% of the occupied units be occupied by persons under the age of 55, nor is there a requirement that those units be used only for persons where at least one member of the household is 55 years of age or older. Communities may decline to permit any persons under the age of 55, may require that 100% of the units have at least one occupant who is 55 years of age or older, may permit up to 20% of the occupied units to be occupied by persons who are younger than 55 years of age, or set whatever requirements they wish, as long as “at least 80%” of the occupied units are occupied by one person 55 years of age or older, and so long as such requirements are not inconsistent with the overall intent to be housing for older persons. Started by the Feds, not by The Villages, not by the State of Florida.

This is correct. A lot of people think the 55+ communities have to allow up to 20% under age here. This is not true. There are lots of 55+ communities right around The Villages that do not allow ANYONE under 55 to live there. The 20% allowance was set up to make sure the retirement community had NO MORE than 20% underage. If said community has more than 20% under age, they can no longer call themselves a "retirement" community.

[rmd2]

In answer to your comment about ever hearing that someone couldn't buy a home here due to their age..
We had to wait till the new year to purchase our lot and have our home built because we were 46 and 50 and they had already reached the 20% allowed. We also had to sign documents stating our correct ages and they took copies of our driver's licenses. So yes, they do check and they do limit those under 55. You weren't asked because you were obviously over 55. We received a letter from the Villages when my husband turned 55, so yes they do keep track, but only of those under 55.
Any child can inherit a home here, anyone over the age of 19 can live here as their permanent residence if the 20% under 55 has not been met. As far as those under 55 using the house as a vacation home, there are no regulations regarding that as long as they are over 18.

This is the FIRST time in all the discussions on this topic that I have ever heard anyone say they did have to wait to buy their home because TV was at the 20% threshold. Very interesting. So someone must be keeping records on this as required by Federal Law. To my knowledge it has never been disclosed to the residents here.

[Bogie Shooter]

In order to comply with Federal Law that prohibits more than 20% under age living here records are required to be kept. It appears that "records" are not being kept. If they were we would know the ratio of where we are with the 20/80%. After many discussions on this issue the ratio has never been disclosed to us by the developer.

Probably not required to provide that information.

Don't know what i would do with the information if I had it.

[Debbie Loveless]

We have a friend who lives here that went to the Villages District office and was able to file an application requesting special permission for an adult child under the age of 55 to live here due to medical reasons. They were given permission.

[retiredguy123]

Instead of waiting for your children to inherit your house when you die, why not put them on the deed (as tenants in the entirety) with yourself as the owners? You should be able to do this with a lawyer, and have the revised deed recorded in the town or county. The developer wouldn't be involved until the children need a Village ID upon your passing.
For tax purposes, it is usually advised to not include your children on the deed because they will owe capital gains taxes when they sell the house. But, if they inherit the house, the cost basis it "stepped up" to the market value at the time of death. Also, putting their name on the deed can be a problem if the children owe money and someone puts a lien on the house.

[Croan]

Mom passed in 2010. She had an updated Fla will and all her assets were in trusts. Brother & I inherited TV house, jointly. I was 54 at the time, Brother was in his 40's. Because her "affairs" were in order, all the assets flowed as she wanted. Easy, except Brother did have to do all that executor stuff. We decided to keep the house - it was a valuable asset to us both. Over the years, I was the one who maintained the property, he and I split the maintenance expenses including taxes. Yes, we lost homestead. We rented to Snowbirds during the high season to recoup some of the expenses. Eventually, Brother asked me to buy him out, which I gladly did. My husband and I have continued to maintain the house, make improvements. We love coming to TV. But we're never here long and every time I "vacation" here, I feel like a newcomer! Even after all these years! LOL!! Now, we're planning to retire in a couple of years and we'll search for a bigger place.
Moral of the story: leave the house to the kids. If they're smart, they'll hold on to it as an investment - as long as they can afford the upkeep, etc. If not, you've left your children a valuable asset to sell!

[ron@jayron]

Of course, a% of villages under 55 can

[retiredguy123]

It is often a mistake to allow more than one person to inherit and share ownership in a house, unless you really know that it will not cause arguments between the children who inherit it. A friend of mine owned an inherited house as joint owners in common (brother and sister) for years and they could never agree on what to do with it. Finally, the brother sold his share of the house to a guy who moved into it with his wife and children. So, the sister was left with half ownership in a house that a stranger was living in, and she could do nothing about it. In my opinion, it is often better to direct the executor of your will to sell the house and split the proceeds among the beneficiaries.

[stebooo]

Of course, why wouldn't they. ?

[laboutj]

It is often a mistake to allow more than one person to inherit and share ownership in a house, unless you really know that it will not cause arguments between the children who inherit it. A friend of mine owned an inherited house as joint owners in common (brother and sister) for years and they could never agree on what to do with it. Finally, the brother sold his share of the house to a guy who moved into it with his wife and children. So, the sister was left with half ownership in a house that a stranger was living in, and she could do nothing about it. In my opinion, it is often better to direct the executor of your will to sell the house and split the proceeds among the beneficiaries.

Agreed. I went through this with siblings and it caused animosity. Best to sell and split the proceeds (if any).

[rjm1cc]

This is not my understanding. My Fl attorney says it is best to have a FL attorney do your will because they should know Fl law but any valid will you have from another state will probably (always exceptions) be legal. But you could have a problem with the person you pick as administrator if they do not meet Fl law.

[Tmarkwald]

Age discrimination only works one way - meaning that nobody can stop us old farts from living anywhere..

However, it is perfectly legal to block anyone younger than a certain age from living somewhere.

Hence, the 55+ laws. A community can require that nobody under the age of 55 live in the home.

Interestingly, when looking at the covenants, there is a separate one for almost every neighborhood in TV. But, spot checking them, they clearly state that there must be one person over 55 in the home and nobody under 19 can be there for more than 30 days a year except in extenuating circumstances.

How they regulate and manage this is anyone's guess..

[Dr Winston O Boogie jr]

Yes, they can inherit the house. Senior 55+ communities have a provision to allow for 20% of the population under the age of 55. Children under 18 cannot live here full-time but visits only.

Again a misunderstanding of that law. I'll repeat it here so everyone understands.

Federal law states that in order to be defined as an over 55 community, at least 80% of the homes must be occupied by at least one person over the ager of 55.

Based on that over 80% of the residents mathematically and legally could be under 55.

In addition, no person under the age of 19 may reside here full time. Persons under the age of 19 may visit for a total of 30 days per year.

[Tmarkwald]

Again a misunderstanding of that law. I'll repeat it here so everyone understands.

Federal law states that in order to be defined as an over 55 community, at least 80% of the homes must be occupied by at least one person over the ager of 55.

Based on that over 80% of the residents mathematically and legally could be under 55.

In addition, no person under the age of 19 may reside here full time. Persons under the age of 19 may visit for a total of 30 days per year.

yep - that is exactly what it says right in the covenants you agree to when you purchase.

[manaboutown]

This may not be for everyone but what I did was title my house to my revocable living trust. Upon my death the trust directs my trustee to sell the house and put the net proceeds into the trust. I have two children, one in Maryland, the other in Idaho. Neither has the desire to manage the house as a rental or to live in it. If it is sold after my death there will be no capital gains taxes to worry about unless the IRS code is changed (which it may very well be!).

[DanDo]

To answer your original question, your kids can inherit your home and vacation there.