How can I plan ahead ? I want to treat my two children equally My 35 yr old daughter and family want me to plan to live with them in a few years. I will probably help with raising their small children.My 24 yr old son still lives at home, finishing college now.He has been a great help with upgrading our home, investing his own money and time. When I move, he may want to stay here to live.Does he buy me out? If I sell and I am the only occupant, how should I best use the gain for my use ,realizing taxes .Also,how to set up my assets to share fairly after my demise?
J.,
One of my dear friends is an Esate Attorney. He helps people in this situation plan out their trust and their estates. His name is Charlie Case. He is located in Centerville, MA. ###-###-####. He is a very sweet and caring laywer and everyone who uses his services just loves him.
Best of luck,
K. Acton
Hi J. - It sounds like you need the advice of an estate attorney. There are many options for you, a trust among them. Let me tell you this though - there will be no capital gains tax issue for you if you have lived in your house for a long time, which it sounds like you have. You can sell it for up to $250,000 with no taxes - that's pretty cool!
Otherwise, you can set up ownership of your house now on your deed with your son, or you can will portions to your children. You have lots of options!
In order to do any of this however, you will need to speak to an attorney - so why not do it now? Talk with your children, then to an attorney. You are smart to be thinking about this all now - though they might not like it.
It will feel better for you to have these affairs in order as you move forward. Good luck!
I would definitely get advice from a lawyer, perhaps someone who specializes in financial planning. This plan should not only leave you in a good situation for retirement, but it should be fair to your two children. I believe you would have to estimate the value of the house, and then divide it by 3??? He could put his third down on the house and mortgage the rest, I suppose. But this is a matter that requires you to get some professional advice.
Not easy decisions. I suggest you speak to a financial consultant. I am sure they can give you many choices.
Your best option is probably to divide it up now and put everyone on the deeds that you want to be on...that way when you pass, they will not incur any inheritence tax or "sales" tax if they have to buy it from you.My husband is already on all of my inlaws accounts (bank accounts, house deed, etc...) If you have a family lawyer, I would give them a call and just go through the options. Good luck!
As far as the house is concerned, I'm not sure your son can buy you out right out of school. You can probably still keep it as an asset though. However, my advice is this: Get a good estate planning attorney to spell out all these issues for you. Tax laws are complicated, and you do not want everything going to the government! You are very wise to start working on this now while you are healthy and have all your faculties. With a good trust agreement, you will have no worries and your children will know exactly what your wishes are.
you need to talk to a lawyer and have a will drawn up stating exactly what you want .. you may be able to get the house changed into his name now, that way there will be no way of fighting a will later. Is your son ok with buying the house? set up a price with him now and get everything going for that if he is. good luck
I've worked in law firms for over 17 years and I highly suggest calling an estate planning and/or probate attorney. If you don't know of one specifically, look for a referal from friends, family, or call the Mass Bar Association & they can recommend one to you specializing in estate planning close to your area. It will help to have a list of all of your assets, copies of any pertinent statements, deeds, or legal property descriptions, bank account numbers, etc., handy when you meet with them, and a clear idea of how you want to handle each item (i.e., who to leave it to, etc.) ahead of time. That will save you attorney's fees and costs. Good luck!
