[CoachKandSportsguy]

Originally Posted by Tmarkwald

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.

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]

Originally Posted by 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.

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.

[Boilerman]

Originally Posted by 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.

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]

Originally Posted by 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.

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]

Originally Posted by CoachKandSportsguy

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.

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]

Originally Posted by airdale2

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]

Originally Posted by 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.

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]

Originally Posted by 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!

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

[SusanMYun]

Originally Posted by Tmarkwald

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.