Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#31
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Yes, a friend of mine had this happen to her. Her mom passed relatively young 55-60 and the problem was her step dad didn’t have the money or chose not to keep the home repairs up. Since he lived in the house for a long time it was a problem. I don’t know if you can set up a fund to see that the house is properly maintained or a clause in the trust?
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#32
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Get an Attorney.. The best trusts, wills, and Estates have been contested ... The worst comes out when people pass! The nicest person gets ugly when it comes to money
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#33
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#34
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#35
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Google enhanced life estate deed.
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#36
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A lot of the advice here appears to be on point, however, I’m not an attorney and for something like this, you should only consult an attorney.
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#37
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#38
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#39
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DO NOT do a life estate deed. That means that if your husband wants to move out he still owns the house. It would NOT go to your daughter till after he dies. If he would become sick and moved into a nursing home the house could not go to your daughter to sell. Who would pay all the bills till he died. Bad advice......those were not your wishes as stated by you.
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#40
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I don't know what's true in Florida because it is not a community property state, where assets acquired jointly during the marriage (Texas, for example) are owned by both parties. Each state can set up its own rules. In Texas, one party may be gifted property as his or her "separate" property.
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#41
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When, my mom passed, my sister and I were at war over other issues. My parents did not have much. Each item was listed as to who gets what. It could have been ugly. It was not due to whoever wrote the will or how they had it done. My mom left each of us half of her IRA as an inherited IRA. I think the law has changed. I think the forced distribution is figured on a shorter time frame. It is a minor inconvenience to take it every year. I could opt to take it all out and pay the tax on it. For me it is a gift that keeps on giving long after passing. |
#42
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have seen this in the past. causes a lot of problems. Children obviously want the unrelated spouse out quick and always demand things aren't kept up as they should be. If you love the person enough to marry them then leave them the house. the heck with the kids. that's what I did
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#43
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You need to consult with an estate attorney. This is your best option .
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#44
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A bit more complicated than you may think. My wife has more money than I and she wants her estate to go to her children after we both die. But we both want me to live the life I now live if she passes first. Our agreement is: If she dies first I can live in the house. If I am lonely here and want to move to be near my children, I can sell the house and buy where I chose, but after I die, that house sells and the proceeds go to her children. Same if I am forced to go into long-term care. I can sell the house and use the proceeds to pay for care until I die, then the remainder of the estate goes to her children.
Think of it this way: For me, the house is the place I live for the rest of my life. The place I live may be someplace other than TV. For her children, the house is a non-cash part of their estate that they will probably liquidate after we are both dead. Few people want to leave their spouse poor while their children have plenty, nor do they want to force their spouse to live in a house that does not fit. For example, if my wife dies first, I may very well want to sell our big house and move into a smaller villa home. Chances are small that both my wife and I will die at the same time, but we both want part of our estate to secure a good life for our spouse before the remainder of the estate passes to our children. It is a little tricky to do that, but your lawyer can make it happen. Don't leave it up to an oral agreement. When we get old, we may become demented and vulnerable to people who do not care for our younger agreements. A clearly written will can prevent a lot of family squabbles after death. |
#45
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This is the answer. Occupant must maintain facility and cover all expenses.
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Closed Thread |
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