Can our kids inherit our Villages Home? Can our kids inherit our Villages Home? - Page 6 - Talk of The Villages Florida

Can our kids inherit our Villages Home?

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  #76  
Old 03-10-2021, 02:49 PM
laboutj laboutj is offline
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Quote:
Originally Posted by retiredguy123 View Post
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).
  #77  
Old 03-10-2021, 09:02 PM
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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.
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Old 03-11-2021, 06:47 AM
Tmarkwald Tmarkwald is offline
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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..
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Old 03-11-2021, 09:24 AM
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Dr Winston O Boogie jr Dr Winston O Boogie jr is offline
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Originally Posted by JohnN View Post
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.
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  #80  
Old 03-11-2021, 10:25 AM
Tmarkwald Tmarkwald is offline
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Quote:
Originally Posted by Dr Winston O Boogie jr View Post
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.
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  #81  
Old 03-11-2021, 03:03 PM
manaboutown manaboutown is offline
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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!).
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  #82  
Old 03-11-2021, 06:25 PM
DanDo DanDo is offline
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To answer your original question, your kids can inherit your home and vacation there.
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