Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 02-23-2015, 02:19 PM   #21
Thinks s/he gets paid by the post
 
Join Date: Mar 2011
Posts: 4,185
Quote:
Originally Posted by 38Chevy454 View Post
Agree, talk to an estate attorney and get the best advice form a trained and knowledgeable professional in this area.

I think an easy solution is to just upgrade the MIL's will to be a revocable trust, and put the property in the trust. Then when she passes and your husband is the executor trustee, the house gets a new value based on date of death. The trust sells the house and proceeds split between the siblings per the trust's distribution instructions.
+1 Get a lawyer!
__________________

__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-23-2015, 03:50 PM   #22
Recycles dryer sheets
 
Join Date: May 2014
Location: Yuma AZ
Posts: 270
If authorized in your state, a “beneficiary deed” bypasses probate, preserves the step up in basis for tax purposes, and protects the current owner against the liabilities of the prospective beneficiary.

For preliminary info on the states with this option, see:

States that Allow Transfer-on-Death Deeds for Real Estate | Nolo.com
__________________

unno2002 is offline   Reply With Quote
Old 02-23-2015, 03:56 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 6,036
I agree that creating a revocable trust and titling the house in the name of the trust is an excellent idea. MIL can designate DH as the residual trustee and state how she wishes the trust's assets to be distributed.
__________________
Duck bjorn.
Brat is online now   Reply With Quote
Old 02-23-2015, 04:06 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,137
In NY we have something called a "Life Estate Deed". This is used to protect real estate from Medicaid claims. The current occupant has the right to live in, pay taxes, take care of the property. Upon death the "remainderman" gets the Title. This is irrevocable, unless all parties agree otherwise. By avoiding Probate court Medicaid can't claw back the property.
jim584672 is offline   Reply With Quote
Old 02-24-2015, 07:22 AM   #25
Recycles dryer sheets
MikeWillRetire's Avatar
 
Join Date: Apr 2012
Posts: 167
Quote:
Originally Posted by jim584672 View Post
In NY we have something called a "Life Estate Deed". This is used to protect real estate from Medicaid claims. The current occupant has the right to live in, pay taxes, take care of the property. Upon death the "remainderman" gets the Title. This is irrevocable, unless all parties agree otherwise. By avoiding Probate court Medicaid can't claw back the property.
Same in Maryland. My father-in-law assigned my wife as the remainderman for his home. They worked with a lawyer that specializes in elder planning.
MikeWillRetire is offline   Reply With Quote
Old 02-24-2015, 07:25 AM   #26
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 43,360
Saw this article today and though of this thread:

Quote:
Before the days of estate taxes, children simply moved into the family home and took over the master bedroom after their parents died. Unfortunately, it’s not that easy anymore.

There are several ways to give a home to your child. And a few are tax-free. But in order for the transaction to work properly, you’ve got to plan ahead. Here is a rundown of your options.
How to give your home to your children tax-free
__________________

__________________
Numbers is hard

Although rare, it is possible to read something on this forum you don't agree with and simply move on with your life

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
TOD of house deed and vehicles titles ? frayne FIRE and Money 6 04-30-2014 03:02 PM
ER sloppiness could have killed my mother...or saved her. Buckeye Health and Early Retirement 25 11-19-2013 04:47 PM
Mother in Law and Lifetime Trust and Medicare Raygun99 Health and Early Retirement 2 03-12-2009 07:47 AM
Anyone know real estate law?Deed help needed ASAP! thefed Other topics 10 04-22-2006 07:57 AM

 

 
All times are GMT -6. The time now is 01:25 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.