worried

What is the name of your state (only U.S. law)? New Jersey
My husband & I live with my father in law. He owns the house and is 92 years old. He has a will which has set to sell all assets and split between his 3 children. We have been living here for over 10 years and our son is 14 now. We want to stay in this house for our son, our lives will be difficult if we are told to move out. I am living on disability and my husband has not worked for many years. Our father has other monies and investments to devide between all the children and we want to know what is the best way to advise our father to help make our wish come true. We are also concerned about the taxes involved in this situation. can you help?

Have you been paying him rent? Or has he provided you your housing for ten years while the siblings paid for their own housing? Why couldn't you apply your 1/3rd share of everything toward a buy out at fair market of the siblings' interests when the time comes, adding in the money you saved because you had no housing expense, plus maybe finance any shortage using your disability income. Why hasn't husband worked? Is he getting any pension, disabilty or other monthly benefits that explain not working? You and DH have a 14 year old son that needs to be supported.


Hubby's choice to not work should have no bearing on dad's estate distribution choice. Dad doesn't HAVE to continue providing your housing once he's gone at the expense of the sibling's estate shares. You and husband have the option of yourselves buying out the additional 2/3rds. Or taking your one third and buying other housing.

janetmc07 said:

What is the name of your state (only U.S. law)? New Jersey
My husband & I live with my father in law. He owns the house and is 92 years old. He has a will which has set to sell all assets and split between his 3 children. We have been living here for over 10 years and our son is 14 now. We want to stay in this house for our son, our lives will be difficult if we are told to move out. I am living on disability and my husband has not worked for many years. Our father has other monies and investments to devide between all the children and we want to know what is the best way to advise our father to help make our wish come true. We are also concerned about the taxes involved in this situation. can you help?

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It's NOT your house!
If *I* were giving recommendations to you FIL, I'd recommend that he seriously reconsider WHO he leaves HIS stuff to. Perhaps a trust for the grandchild so that his greedy parents don't get their hands on it!

It is obvious you misunderstand our situation. I was asking for advise on what is best for all parties, including the other brothers and sisters. Both my husbands older sister and brother have no children and own thier own homes. They also both live in California, it has been my husband only who has been helping to keep the house running and saving our father alot of money for repairs. We also help by tending to his needs including care (cooking, cleaning & transporation to doctors) for him, our sick mother and our sick sister. It really amazes me that you consider this GOOD legal advise! We are not asking for money, just a home for our son(his grandson)! He is totally aware of our situation and would probably consider to make a change in his will, if we knew what good advise would be. Thanks for NO HELP at all..

Best advice is to take your share of the inheritance in the house and let siblings share the financial assets. What have the other siblings suggested when you discussed this with them? You have discussed this with them .... haven't you?