Living together/Forced Heir

[BayouBelle]

What is the name of your state (only U.S. law)? Louisiana. My "husband" & I are not legally married. We do have a Nonmarital Cohabitation Agreement, wills & powers of attorney. If he dies before his son is age 24, would I still be able to have lifetime usafruct (?) of the house since we have a will? What if the house was in my name only? Louisiana does NOT have a common law marriage.What is the name of your state (only U.S. law)?

 

[nextwife]

Why did you delete the earlier thread?

He should NOT put his house "in your name only" in case he dies first. That is not proper estate planning. He could will you a life estate interest, for example.

First, because then it isn't his house anymore if he deeds away his ownership. , He would no longer has any control over it, should he need to relocate, downsize or whatever. Second, he could then lose his house if you die first, to YOUR heirs or your creditors.

It was suggessted that a way to give yourself additional financial protection is to have a life policy on him that you control, so it neither defaults or has a beneficiary change. Heck, I'm MARRIED many years, and, even with marital protections in place, STILL maintain additional, seperete life insurance on DH, and He on myself.

 

[BayouBelle]

less than 25%

Thank you for the answer. Very understandable. So, with a lifetime usage of the property and all the equipment needed to run it, no money from the value of the property would be given to his adult child (under 24) until I either died or sold the place? What about money he has in a retirement fund that has me and me only listed as beneficiary?

 

[nextwife]

Are you also granting 100% of your retirement accounts to him?

 

[anteater]

Thank you for the answer. Very understandable. So, with a lifetime usage of the property and all the equipment needed to run it, no money from the value of the property would be given to his adult child (under 24) until I either died or sold the place? What about money he has in a retirement fund that has me and me only listed as beneficiary?

This is Louisiana and Louisiana is... well... different.

Since you are not a spouse, I don't understand how you would be entitled to usufruct.

My limited understanding is that, if there is one forced heir, that heir is entitled to 25% of the estate. More than one forced heir and they are entitled to share 50% of the estate.

My limited understanding is also that retirement plans are excluded from the calculation of what a forced heir may be entitled to.