the house from my name to protect it from creditors and in the event I ever need governmental assistance. I want my wife to be able to live in the house for the rest of her life. After her death I want the house to be split between my 3 children. I want my children to be able to pass the property to their children, after their deaths. How should I convey my property?
2007-01-10 07:22:18 · 10 answers · asked by ladyprinsays 1 in Business & Finance ➔ Renting & Real Estate
You definitely need the advice of an attorney. You didn't say whether your wife owns the property with you jointly. In some states, unless there's a pre-nup, etc, the wife has dower interest and is entitled to make this decision also.
Contact an attorney in your state that specializes in real estate.
2007-01-18 06:49:01 · answer #1 · answered by ♫ frosty ♫ 6 · 0⤊ 0⤋
What ever you do don't put the property in your kids names or add them to your title.
A lot of say put the property in a trust, but you seem to want to protect the property against any creditors that might be lurking. I am not sure that a family trust will give you that complete protection.
You might try a LLC or a corporation for this purpose and at the same time give your wife a life estate in the property being CEO and president of the company. This means that none of your children will be able to kick her out or have her removed.
I would say that you should contact a family attorney or one that you might know to set what ever entity you need for this protection.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-10 16:42:04 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
You need an attorney for this. You may consider creating a living trust and having you and your wife as the successor trustees, though I'm not sure if this will protect your property from creditors.
In the body of the trust, you can name your children as the successor trustees after you and your wife. Also, you don't say how old your grandchildren are. If they're not of legal age they may not be able to be named as successor trustees.
Something else to consider; if you deed your property to your wife, and depending on how she holds title or the community property laws in your state, she may not necessarily deed the property to you children. Even if she does, your children are not required to deed it to their children upon their death.
Again, seek legal counsel and don't attempt to convey the title on your own. I was an Escrow Officer for over 20 years in CA, and have seen what happens when well-intended family members try to "protect their property". More often than not they've failed to consider tax consequences, the relationships between the parties involved, the community property rights of the children's spouses, etc. Spend the money to get a professional opinion and proper agreement to suit your needs.
2007-01-10 15:38:13 · answer #3 · answered by Le_Roche 6 · 0⤊ 0⤋
You need to find a family law attorney. Someone who can help you draft a will, and also put your home into a trust.
But if you pass your house onto 3 kids, don't be surprised if they don't want to keep it split 3 ways until they can split it 8 ways with their children. Unless you also put aside enough cash to cover maintenance and taxes etc... in the trust to cover everything. Once they have to go into their own pockets to keep the home, their motivations will not match your hopes anymore.
2007-01-10 15:27:01 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Sounds like you need a good will. In that will it needs to specify how it is to be split. You would also have to state that the occupants are to up keep the house and they can never be able to sell it. The only option is to pass it down to their offspring. It needs to be a strong will , you many need a lawyer.
2007-01-16 19:10:48 · answer #5 · answered by sally_little03 3 · 0⤊ 0⤋
We did something simuliar, we put our house in our kids names with the conditions that nothing gets done to or with the house until both myself adn my hubby have pased away. We also have stated that teh house is to be rented out until the children decide what they want to do with the house. This way there is no fighting over who gets what.
2007-01-10 15:37:32 · answer #6 · answered by c0mplicated_s0ul 5 · 0⤊ 1⤋
Open a trust and deed the real estate into the trust. See an atty. and get help doing it right.
2007-01-10 15:26:43 · answer #7 · answered by capnemo 5 · 1⤊ 0⤋
Your really should see an estate attorney. My best guess would be to put it in a trust.
2007-01-10 15:28:11 · answer #8 · answered by Candy 1 · 1⤊ 0⤋
Have an attorney do it for you. Too important to take advice from here.
2007-01-10 15:28:23 · answer #9 · answered by Anonymous · 1⤊ 0⤋
get a lawyer
2007-01-10 15:27:39 · answer #10 · answered by Stephen 2 · 1⤊ 0⤋