FLP in CA with remarriage

[bethoney_92562]

What is the name of your state? CA
I remarried three yrs ago(2002) and my husband previous to us being married (1998) had a FLP made up with his mother as the trustee (durable health care too)and his three daughters as the beneficiaries. Don't get me wrong I want his daughter to inherit upon his death that should not be any time soon...his dad is still kicking at 75yr...but I do not want to be kicked out of my home if he does die. I have two children who live with us and like I said my husband three girls (all with us)...I take care of everyone with joy...

Does the FLP become void if he remarries? I have quit claimed a few assets into the FLP not really knowing what it meant...can anyone guide me because my husbadn doesn't seem to know or want to explain how it works...literally he says when he is dead he won't care what happens...gee whiz that makes me feel uneasy

Would my daughter be able to kick me out of our home and I will be on the street with nothing belonging to me? I understand the FLP to have all assets personal and business in his name only and then transferred to the FLP.

HELP please ease my mind!

 

[divgradcurl]

Unfortunately, there is no quick and easy answer to your questions. In general, an FLP is not voided just because the dad remarried -- besides, usually the majority of the "shares" in the FLP are held by the children anyway, so the dad doesn't "own" that much.

The problem here is that now that you are married, anything you acquire now, or even stuff already in the FLP but still being paid for by community funds, is going to be community prpoerty, in part or in total. This complicates things dramatically. You really should urge your husband to talk with an experienced estate planner to ensure that everyone knows what is going on, and everyone is taken care of appropriately, to avoid a big mess if someone dies.