A simple question

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natsb88
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Re: A simple question

Postby natsb88 » Tue Jul 31, 2018

Our estate planning attorney advised against gifting (or cheaply selling) real estate to the intended heir as this approach is risky. In the event the original owner has to go into any kind of nursing / assisted living and can't cover the cost out of pocket, they can go back five years on the house. If it was gifted or sold for significantly less than the market value, you'll have to fork over the money or lose the house. I don't know all the nuances of it, but he said this strategy is often suggested by accountants and attorneys who do not specialize in estate planning, and it's not one he recommends.

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7aw2tr4
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Re: A simple question

Postby 7aw2tr4 » Wed Aug 01, 2018

My 2 cents would be to inquire regarding an irovocable trust with you and whomever else or not, being trustees of said trust....I'm under the impression its a smooth transition with NO probate...speak with an experienced trust-estate planning attorney....
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AGorBust
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Re: A simple question

Postby AGorBust » Wed Aug 01, 2018

Mr. Ed wrote:
bigjohn wrote:Oh boy......... if this is a simple question, I’d hate for you to ask a difficult one
What’s your relationship like with your siblings?


We are all civil to one another but not close like we were when the kids were all little. I have always helped my parents over the years and I feel the tension when I go home. My Mom is very well off and everyone knows that but what they dont know is that all of that wealth transfered to me when Dad passed so, everyone is already going to be really freakin mad when the time comes. I am not sure it is the best idea but I have always done whatever Mom and Dad have asked of me.

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The fidler gets to call the tune. Whatever your mom wants do it and put it in a will for her. Sometimes good behavior is rewarded.
Have you paid your dues Jack? Yes sir, the check is in the mail!

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t458
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Re: A simple question

Postby t458 » Thu Aug 02, 2018

I'm not wise enough on this subject myself to offer any advise. I'm just impressed with the suggestions others have put in. Looks like wisdom from long life experiences. Are bullion stackers all oldies?

Personally I'd think that good family relationship is far more satisfying in life than money. Whether it's been siblings or between parents and their children.

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Mr. Ed
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Re: A simple question

Postby Mr. Ed » Thu Aug 02, 2018

This thread has been a great tool for me. I had Mom make the appointment with her Lawyer and we will see him next Tuesday. I believe a trust is the way to go and we will see how he feels about it. Thankyou again to everyone that responded. :wave:

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Diggin4copper
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Re: A simple question

Postby Diggin4copper » Thu Aug 02, 2018

Tell mom I said Hi!
Outstanding!

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Mr. Ed
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Re: A simple question

Postby Mr. Ed » Mon Oct 08, 2018

Another update for anyone that cares to read it :lol: :lol:
When I went home to deal with this, Mom ended up in the Hospital the day after I got home. A week and a half later, Mom was still in the Hospital and I came back to Tennessee and left my sister in charge. Needless to say, nothing was accomplished on that visit. Mom is now back to her old self and has decided to change her will. I told her if that is what she wanted to do then I am on board. Her Lawyer that drew up the original will is taking care of it for her and I am just happy that she is doing what she wants and not what someone else wants. Thanks again for all the input and the advice.

PS
Mom says hey. :wave:

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spacemanx
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Re: A simple question

Postby spacemanx » Sun Oct 14, 2018

glad to hear your mom is doing better. that is the most important thing.

lots of great advice here, new to me. we also went thru a recent family loss, and the siblings were less than helpful.

considering you already live 600 miles away, and the family/sibling dynamics are already fractured. have her write up the will as she wishes, and don't worry about how the rest of the sibs will feel. that is what we dealt with. the distance from them will be a blessing. after she passes, dont keep in contact with them the dream of being the 'WALTON"S on tv is only a dream for many.

blessings,
Spaceman.


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