ebteach323
Junior Member
What is the name of your state (only U.S. law)? Florida
My long term boyfriend and I currently live together in my home and had planned on renovating and moving into his home. The plan was I would pay for the renovation which I am approximating to cost around $80,000. Within a couple of years, when the home is complete; the plan is to sell my home and move into his much more affordable home. Here is my dilemma. We have no plans to legally marry. He has two grown sons as do I. I have assets left to me by my parents and a fair amount of equity in my current home. Most of my liquid assets will go toward the renovation and the equity will be invested for my pending early retirement when we move to his home. He has a small mortgage left on his house and will pay all home related expenses when we move there. I had thought it fair that when I sell my home and we move in there; we file for joint tenancy. It would be stipulated that upon my death (if he pre-deceases me) the home would be left to his two sons and my assets to my sons. He is against that. He wants a legal document written that states I am entitled to live there without recourse for as long as I like if he should die. I, of course, would assume expenses which would be only taxes, insurance, and regular maintance. He also wants to include a clause that would protect my investment in his home along the lines that we come up with a reasonable rental value (let's say $1000 a month) and even though I wouldn't actually pay anything... that value would be "applied" against my investment in his home should we decide to separate or pre-decease me. So, for example, if we should separate/he dies after 5 years; he or the estate would owe me $20,000 ($12,000 a year x5 years subtracted from the $80,000 I put into the house).
Am I protected with this plan? I'm concerned about living in his son's house should something happen to him. If that's the case; is there someway I can be protected that would prevent them forcing me out? Would it be foolish for me to assume the costs of the home (again, if he should die); without having a hold in the equity? His feeling is the home would be free and clear anyway and the costs of tax and insurance are less then 5K a year which would be less then living just about anywhere anyway. I would maintain all my assets and have the ability to purchase a home if I decided to leave his house. I will walk away with about $300,000 from my home plus will have about another $100,000 in other investments.
I'm trying to separate the facts from the emotion I feel regarding this proposal to make sure everyone's interests are protected.
Thank you.
EBWhat is the name of your state (only U.S. law)?
My long term boyfriend and I currently live together in my home and had planned on renovating and moving into his home. The plan was I would pay for the renovation which I am approximating to cost around $80,000. Within a couple of years, when the home is complete; the plan is to sell my home and move into his much more affordable home. Here is my dilemma. We have no plans to legally marry. He has two grown sons as do I. I have assets left to me by my parents and a fair amount of equity in my current home. Most of my liquid assets will go toward the renovation and the equity will be invested for my pending early retirement when we move to his home. He has a small mortgage left on his house and will pay all home related expenses when we move there. I had thought it fair that when I sell my home and we move in there; we file for joint tenancy. It would be stipulated that upon my death (if he pre-deceases me) the home would be left to his two sons and my assets to my sons. He is against that. He wants a legal document written that states I am entitled to live there without recourse for as long as I like if he should die. I, of course, would assume expenses which would be only taxes, insurance, and regular maintance. He also wants to include a clause that would protect my investment in his home along the lines that we come up with a reasonable rental value (let's say $1000 a month) and even though I wouldn't actually pay anything... that value would be "applied" against my investment in his home should we decide to separate or pre-decease me. So, for example, if we should separate/he dies after 5 years; he or the estate would owe me $20,000 ($12,000 a year x5 years subtracted from the $80,000 I put into the house).
Am I protected with this plan? I'm concerned about living in his son's house should something happen to him. If that's the case; is there someway I can be protected that would prevent them forcing me out? Would it be foolish for me to assume the costs of the home (again, if he should die); without having a hold in the equity? His feeling is the home would be free and clear anyway and the costs of tax and insurance are less then 5K a year which would be less then living just about anywhere anyway. I would maintain all my assets and have the ability to purchase a home if I decided to leave his house. I will walk away with about $300,000 from my home plus will have about another $100,000 in other investments.
I'm trying to separate the facts from the emotion I feel regarding this proposal to make sure everyone's interests are protected.
Thank you.
EBWhat is the name of your state (only U.S. law)?