A simple question

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Mr. Ed
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A simple question

Postby Mr. Ed » Mon Jul 30, 2018

Looking for a little advice guys. My mother is a widow, 84 years old and fit as a fiddle. She wants to put my name on her home deed. The house has been paid for for years and she does not want any of the other 4 sibblings to have any part of it. Any thoughts would be greatly appreciated.

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silverhoarder3
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Re: A simple question

Postby silverhoarder3 » Mon Jul 30, 2018

Communication. Your mom needs to have a family meeting with your siblings so they know her wishes.
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Mr. Ed
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Re: A simple question

Postby Mr. Ed » Mon Jul 30, 2018

silverhoarder3 wrote:Communication. Your mom needs to have a family meeting with your siblings so they know her wishes.


Easier said than done my friend. I live 600 miles from my Family for a reason :shh:
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Re: A simple question

Postby bigjohn » Mon Jul 30, 2018

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?
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Re: A simple question

Postby Mr. Ed » Mon Jul 30, 2018

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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Re: A simple question

Postby DRP270 » Mon Jul 30, 2018

1. Your mom can leave anything she owns to whoever to include omitting some of her children.

2. There can be tax consequences depending on the value of the estate. Given your question I bet she does not live in a house above the limit.

3. A trust fund can avoid taxes and is recommended to bypass probate and the transfer is instant after her passing.

4. I do not know that being on her deed is an advantage over 3. as there could be other liability issues with this option.

5. Do not ask coins guys these questions and seek the expert advice of qualified professionals like an estate lawyer. Trust me this is the cheapest option to avoid excess taxes. Besides the house there could be other assets she wants to pass solely to you. The answer could be 3.

6. I am an idiot whose advice should not be trusted. :? .
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Re: A simple question

Postby Mr. Ed » Mon Jul 30, 2018

DRP270 wrote:1. Your mom can leave anything she owns to whoever to include omitting some of her children.

2. There can be tax consequences depending on the value of the estate. Given your question I bet she does not live in a house above the limit.

3. A trust fund can avoid taxes and is recommended to bypass probate and the transfer is instant after her passing.

4. I do not know that being on her deed is an advantage over 3. as there could be other liability issues with this option.

5. Do not ask coins guys these questions and seek the expert advice of qualified professionals like an estate lawyer. Trust me this is the cheapest option to avoid excess taxes. Besides the house there could be other assets she wants to pass solely to you. The answer could be 3.

6. I am an idiot whose advice should not be trusted. :? .


I am glad to see this mentioned and I have also checked into a trust as there are many complications that could arise. We have an appointment with her Lawyer next week when I get home and I am sure he will have the answers, just wanted to get a little information and I thank you for the reply. :thumbup:

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Re: A simple question

Postby toddler81 » Mon Jul 30, 2018

I read recently about one of America's families--can't remember if it was Hearst, Rockefeller, or some other-- but the matriarch (I believe) left everything to the 4th or 5th generation removed after her death. I honestly don't remember all the details but what struck me is that everything stayed in a trust for almost 100 years and the heirs received it not ever knowing the person who left it. Not sure about the family situation--if there were siblings, cousins, etc...
My mom wants to leave her house to her grandkids. Not because she couldn't leave it to her children, but we all have homes already and her grandkids spent a lot of time there (it's not the house where we grew up).
Perhaps you could "buy" it from her...


Edit:
It was a lumber tycoon...https://abcnews.go.com/Business/lumber-barons-descendants-receive-inheritance-92-years-death/story?id=13569633
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Re: A simple question

Postby bigjohn » Mon Jul 30, 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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I guess it all depends on what kind of relationship you want to have with your siblings. I don’t think it’s worth talking your mother into doing something she doesn’t want to do. That said, if my parents left me everything, I would split it 50-50 with my brother, regardless of will. But then again, we have a great relationship. If I didn’t give a rats tail about him, then I would be OK with whatever the will said, even if I’m the only one on it.
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Re: A simple question

Postby chris6084 » Mon Jul 30, 2018

Mr. Ed wrote:Looking for a little advice guys. My mother is a widow, 84 years old and fit as a fiddle. She wants to put my name on her home deed. The house has been paid for for years and she does not want any of the other 4 sibblings to have any part of it. Any thoughts would be greatly appreciated.

:turtle:


Good luck dealing with the siblings. I don't think there is any good advise on that. There have been some recent deaths in my wife's family and the fighting about money is unbelievable. And there isn't much money to even fight about. There is one sibling that thinks she is entitled to EVERYTHING and there is no other acceptable solution. It is really sad how these things go sometimes.

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Re: A simple question

Postby natsb88 » Tue Jul 31, 2018

It's worth paying an attorney who specializes in estates to write it up. They can listen to what your mom wants and recommend the best way to protect the property from being taken by a nursing home and minimize taxes. I went through updating wills and forming a business secession plan last year with my parents and it was more complex than I had anticipated. I do not recommend using an accountant or a catch-all lawyer for this. Find a firm that specializes in estate planning.

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Re: A simple question

Postby SilverGOP » Tue Jul 31, 2018

Sympathies. The egg donor left my kid brother as executor, and bills, finances and paperwork with all the straightwordness and ease of access of a long ton of dropped coathangers, each one lovingly warped into a Gordian knot.

It took him two long years to untangle the mess, having to sell the family home. Thankfully, no one raised a fuss.

Nat's got the right of it. Convince Mama to seek out a specialist.If you or she have counsel as it stands already, it'd probably be a good idea to inquire of said specialists from him/her.
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Re: A simple question

Postby iratebob » Tue Jul 31, 2018

Mr. Ed wrote:Looking for a little advice guys. My mother is a widow, 84 years old and fit as a fiddle. She wants to put my name on her home deed. The house has been paid for for years and she does not want any of the other 4 sibblings to have any part of it. Any thoughts would be greatly appreciated.

:turtle:


This is a movie script in the making. Good luck.

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Re: A simple question

Postby BotanicusRex » Tue Jul 31, 2018

Your Mom should go over everything with a lawyer who specializes in wills/trusts/estates as Nat mentions. It should be HER lawyer... not just you or your lawyer. In fact, given the probability of unhappy siblings, you probably should keep arms length from the proceedings.. and possibly even allow her lawyer to serve as executor (if not too expensive).
With estate exemptions steadily rising, be sure she really needs a bypass type trust before paying a lawyer to happily create one for her/you.
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Re: A simple question

Postby Diggin4copper » Tue Jul 31, 2018

And as a side note, don’t count on any of that money to live on, I have heard of inheretence fights going on for years in court.
Outstanding!

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Re: A simple question

Postby MrGaribaldi » Tue Jul 31, 2018

Mr. Ed wrote:Looking for a little advice guys. My mother is a widow, 84 years old and fit as a fiddle. She wants to put my name on her home deed. The house has been paid for for years and she does not want any of the other 4 sibblings to have any part of it. Any thoughts would be greatly appreciated.

:turtle:


First, I slept at a Holiday Inn Express last night. And I am not an attorney. But I strongly recommend you speak to one NOW.

I am, however, right now the executor for 2 estates. One wrapping up in a few months, the other has at least a year to go. I have learned many things.....

Now on to the mess.

1. How long ago did Dad leave you the money? Don't need to know how much just how long ago.
2. Did Dad give you the money when he was alive or in his will?

I have learned a few things about wills. Mom can leave whatever she wants, to whoever she wants, even the mailman, it's her prerogative. But she should also do this.....leave to you what she wants, and leave $1 each to everyone else mentioned in the will. And also she must mention everyone, don't leave anyone out. This way they can't challenge the will saying that they were "forgotten" when she made out the will. Verify this with the lawyer, but I believe it is true.

[edit] I deleted the information I posted about having your name added to the deed as it was incorrect [/edit].

Other tricks, generation skipping trusts, irrevocable trusts, all kinds of trusts out there.

Most important piece of advice here (and by others too) is seek out an estate planning attorney. He can set up the will so that her wishes are clear and precise.

Good luck.

jtros = joint tenant with rights of survivorship
Last edited by MrGaribaldi on Thu Aug 02, 2018, edited 1 time in total.
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Re: A simple question

Postby jcz1 » Tue Jul 31, 2018

Property held in joint tenancy, tenancy by the entirety, or community property with right of survivorship automatically passes to the survivor when one of the original owners dies. Real estate, bank accounts, vehicles, and investments can all pass this way.


https://www.nolo.com/legal-encyclopedia ... 32441.html

Looks like lots of good info on that page. I would have thought this would not work if you did not live there (not a tenant), but since they mention vehicles, etc, maybe that doesn't matter.

As an estate lawyer will tell you, the tax advantages are in the inheritance, since you get a stepped-up basis, but you need to weigh that advantage against dealing with a will and/or trust, and how easy it would be for siblings to fight each of these methods.

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Re: A simple question

Postby Operadad » Tue Jul 31, 2018

It can depend on state law; but in most states, if your name is on the deed as owner upon her death, it can save you probate worries, taxes, all kinds of worries..
usually, the tax liabilities are only on very large numbers..... when she passes, then you change the deed to your name only...

good luck with this.... it can be shark infested waters.

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Re: A simple question

Postby toddler81 » Tue Jul 31, 2018

Probably the easiest way to do it all would be to have her sell it to you while she's still alive and of sound mind, and then put your name on the bank accounts.
I don't know about taxes though, so, still consult with a professional.
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Re: A simple question

Postby highroller4321 » Tue Jul 31, 2018

natsb88 wrote:It's worth paying an attorney who specializes in estates to write it up. They can listen to what your mom wants and recommend the best way to protect the property from being taken by a nursing home and minimize taxes. I went through updating wills and forming a business secession plan last year with my parents and it was more complex than I had anticipated. I do not recommend using an accountant or a catch-all lawyer for this. Find a firm that specializes in estate planning.



+1 and do NOT have a bank or financial institution manage the trust. (If you set one up)


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