Leaving home equally to two sons? Is this a bad idea??

[elizabeth23]

What is the name of your state (only U.S. law)? Pennsylvania

I have two sons that I want to leave my home to, 50% of the home to one and 50% to the other. However, my fear is that one son may move in and not be able or be willing to buy out the other son. I don't want these boys fighting over the property. So, can I still leave the home to them, but maybe add some sort of caveat that they have to come to some financial agreement on the home, and if not, maybe be forced to sell it?

I know this sounds ugly, especially since everyone is getting along now, but I'm just trying to ensure they both do the right thing after I'm gone.

Thanks.

 

[nextwife]

It would simplify matters if you order the estate to sell the house and split the proceeds between them, and then each can use their proceeds to buy according to their respective financial abilities.

 

[anteater]

Honest reaction....

You can try to control behavior from beyond the grave. But, if they are determined to squabble, then they will find a reason no matter what you write. Let them work it out.

That said, if you want to try, I suggest consulting an attorney with experience in estate planning in order to explore the best way of expressing your wishes.

 

[TrustUser]

in california, relatives can keep the old appraised value for taxation purposes.

you might want to consult a tax accountant to see if there are any such tax ramifications to your decision.

 

[anteater]

in california, relatives can keep the old appraised value for taxation purposes.

you might want to consult a tax accountant to see if there are any such tax ramifications to your decision.

Huh? Were you reading the same question I was?


PA does not have any of that Prop 13-related nonsense.

 

[nextwife]

in california, relatives can keep the old appraised value for taxation purposes.

you might want to consult a tax accountant to see if there are any such tax ramifications to your decision.

And outside of CA, many areas establish property tax tax based on current assessment and the current mill rate. PERIOD. What one paid years earlier is irrelevant as to property taxes virtually everywhere EXCEPT CA. And this house is in Pennsylvania..

 

[TrustUser]

ouch !! why the negativity ? i simply suggested that the op check for any tax ramifications in his area.

 

[nextwife]

The bigger question was the PROBLEMS of having them inherit equally.

There is often financial fallout unrelated to taxes, fallout of either son living there and not contributing their fair share, or of one son NOT being able to live there due to the other.

And how did Elizabeth become a "he"?

 

[TrustUser]

i was simply suggesting that the op have all the info needed, available to him. if there were any tax ramifications to his decisions, he should be aware of them.

in that way he could weigh everything, and make what he thought was his best decision.

i dont get your comment about elizabeth.

 

[TrustUser]

for heaven's sake, lets stop with the pickiness.

now i see the elizabeth comment.

the masculine "his" is often used in a gender neutral form.

you must have gotten up on the wrong side of the bed, today.

 

[TrustUser]

to the op - as my name suggests, i prefer to use trusts.

you could place your home in a trust, and place specific instructions in the trust for the management of the home.

for example, you might stipulate that the only way that either one of them could live in the house would be if both agreed.

it is not the norm that 2 grown children live in the same house.

so if one child lived in the house, he would pay half the going rent to the other child, for example.

there would need to be some sort of stipulation for selling of it. for example, if both children can not agree, then the house must be sold, and proceeds split.

the bottom line, with a good written trust, is that you want to be able to settle any dispute, by simply reading the trust.

usually that means that the trust should have some sort of language about "if there is not a majority interest, then such and such needs to happen".

in your situation, a majority interest is both children.

i would think it would make good sense to have the trustee someone other than either child, so there is a neutral third party to oversee the trust.

again, these are just suggestions for you to ponder.

 

[elizabeth23]

Thanks to all who commented and provided advice. I am going to seek the adivce of an attorney and estate planner....that has always been the plan, however, I'm doing a bit of research and Q&A right now so that I can at least ask the right questions and understand a bit of the langauge.

Thanks to everyone for taking the time to reply.